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How many houses did it take for you to acquire $1 million in property?

Discussion in 'General Property Chat' started by Azazel, 19th Jun, 2015.

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How many houses did it take for you to acquire $1 million in property?

  1. 1 Ain't no thing but a chicken wing

    16 vote(s)
    7.6%
  2. 2

    45 vote(s)
    21.4%
  3. 3

    60 vote(s)
    28.6%
  4. 4

    28 vote(s)
    13.3%
  5. 5

    10 vote(s)
    4.8%
  6. 6

    1 vote(s)
    0.5%
  7. 7

    3 vote(s)
    1.4%
  8. 8

    1 vote(s)
    0.5%
  9. 10+ I'm a dinosaur

    1 vote(s)
    0.5%
  10. Not there - yet

    45 vote(s)
    21.4%
  1. Azazel

    Azazel Well-Known Member

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    I guess it's not that amazing these days considering the median house price in Sydney, you could do it with 1 purchase these days. But could you tell us how many houses (or units/apartments) it took for you to acquire $1 million in property? Actual purchase prices combined, not 'market value' or current value.
    The option for 9 is missing as you can only have 10 options.
    If you're not there yet, click on 'Not there - yet'
     
  2. RPI

    RPI Property Lawyer, Town Planner Business Member

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    Brisbane
    When I started buying in inner Brisbane I paid $100k, then $140k and the next 5 or so were still under $200k.
     
    Taku Ekanayake likes this.
  3. Dan Donoghue

    Dan Donoghue Well-Known Member

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    Location:
    Sydney, NSW
    Not there yet, my own place is not far off but I have no IP yet (Hence why I am here learning from you guys :D )
     
    BuyersAgent likes this.
  4. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    2,458
    Location:
    Sydney & Gold Coast
    Third apartment tipped me over in 2014. Went:

    $313k, $460k, $500k
     
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  5. CatCafe

    CatCafe Well-Known Member

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    Location:
    NSW
    Fourth Sydney flat took me over in 2010
     
  6. rhinsor

    rhinsor Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    439
    Location:
    Perth
    1st $445,000 2nd $530,000, 3rd $490,000 valued in November
     
  7. EN710

    EN710 Well-Known Member

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    18th Jun, 2015
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    Location:
    NSW
    If only the investment property, I need another 3 to hit that number
     
  8. Azazel

    Azazel Well-Known Member

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    Brisbane
    Interesting. Were they budget buys at the time or fairly average for then?
     
  9. RPI

    RPI Property Lawyer, Town Planner Business Member

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    19th Jun, 2015
    Posts:
    716
    Location:
    Brisbane
    No Average. QLD'ers on 405m2 blocks. My first splitter block I bought, slid the house over built a new house and sold the new one for $180k.
     
  10. Azazel

    Azazel Well-Known Member

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    Pretty darn close with 1 & 2, glad you didn't cheat ;)
    I might add that to the OP.
     
  11. Pistonbroke

    Pistonbroke Well-Known Member

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    Location:
    Guangzhou
    A couple of Sydney units took me there a loooong time ago.

    As for $1m nett assets, a lot earlier; )
     
    Amativus likes this.
  12. Azazel

    Azazel Well-Known Member

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    Well I'm surprised, at the moment it's over 57% with 3+ properties to get to $1M. Thought there would've been more young whipper snappers with just 1.
     
  13. peastman

    peastman Well-Known Member

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    Location:
    Melbourne
    Voted 6 but just realised it was actually 7 properties to get to $1mil in purchase price. But spread over a number of years.
    1986 PPOR $100k
    1996 IP1 $77k
    2001 IP2 $125k
    2003 IP3 $142k
    2005 IP4 $185k
    2007 IP5 $300k
    2009 IP6 $310k
     
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  14. Azazel

    Azazel Well-Known Member

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    That's a fair timeline. Did you hang on to them all?
     
  15. Propagate

    Propagate Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    283
    Location:
    Melbourne
    2000 - IP1 UK Paid 72k GBP ($150k AUD) - Still have it - (formerly PPOR)
    2010 - PPOR Australia - Paid $575k
    2013 - IP2 - West Sydney - Paid $354k

    ...so, took us 13 years and 3 properties to "purchase" the $1m
     
  16. citystar

    citystar Well-Known Member

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    19th Jun, 2015
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    167
    Location:
    QLD
    Fourth property took me over the line.
     
  17. Mick C

    Mick C Well-Known Member

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    Location:
    Sydney
    First one. But it was a big purchase...it was pretty much at $1m :(

    paid $740,000 ( House near Epping/Beecroft NSW - Cheltenham) --- went to $1m within 3 years.
     
  18. Azazel

    Azazel Well-Known Member

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    If we're talking purchase price, it was the 2nd that got you to $1M?
     
  19. Coota9

    Coota9 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    971
    Location:
    Melbourne
    1999 PPOR 900K
    2014 IP1 370K
    2015 IP2 430K
     
  20. skater

    skater Capitalist Premium Member

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    Location:
    Sydney
    I clicked 10 but the truth is I don't remember. First PPOR was $56k, first IP was $90500, but then there were a host of low cost ones in regionals. We've still got one that cost $67k, but there were a few more that have been sold off over the years.