Is this a terrible time to buy in Sydney?

Discussion in 'Where to Buy' started by seachange, 22nd May, 2016.

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  1. Gockie

    Gockie Life is good ☺️ Premium Member

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    In 5 words....
    Sydney's been great for me. :)
     
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  2. seachange

    seachange Well-Known Member

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    I wouldn't underestimate them so much. I think turnbulls inaction on everything ( except the proposal to eventually lower company tax to 25%- major winner ), and the hope for the average Australian Shorten gives with his popular stance on greedy investors might get it pretty close.
    Lot of changes ahead for sure, and don't discount American politics, since pretty much Australian banks are internationally funded.

    I think bank rates rising independently of rba might be the biggest surprise to the unwary overleveraged investor.
     
  3. seachange

    seachange Well-Known Member

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    And that is m point really- even we are so focused on the neg gearing side, I don't know that we are looking as closely as we should to cap gains proposals. That's the big one for most of us I think
     
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  4. Sonamic

    Sonamic Well-Known Member

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    Are you buying it to live in or for an investment? In answer to your question, yes I believe you have to live in it as your PPOR to take advantage of the 6 Year Rule (see @Terry_w thread on this, if you haven't already). But on the other hand if the market drops or at least stays flat for the next several years as many posters have stated, then the benefit is moot (no CG to claim savings against).
    So if the object of the game is to just have something to Claim Negative Gearing on, then go for it.
     
  5. seachange

    seachange Well-Known Member

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    Been great for me too. Bought a 2/2/1 apt in 2009 for $750k sold 1.5mill 2016. I don't expect the next 10 years to be the same though, but long term, I still want skin in the game here.
     
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  6. Gockie

    Gockie Life is good ☺️ Premium Member

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    That is awesome :D :p
     
  7. seachange

    seachange Well-Known Member

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    Actually the bank overpaid me $900,000 at settlement. Had a nice weekend fantasizing about what to do with it if they didn't notice. They did :p
     
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  8. HUGH72

    HUGH72 Well-Known Member

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    Yeah....end up in jail would in my guess.:p
     
  9. seachange

    seachange Well-Known Member

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    Well at least I didn't spend it all at Louis Vuitton like the girl that was finally caught up with in Sydney recently.
     
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  10. MTR

    MTR Well-Known Member

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    Nice:)
     
  11. Gockie

    Gockie Life is good ☺️ Premium Member

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    I think I can call my next meetup as "Sydney property millionaires" meetup. To qualify you need to have the equivalent of 1 average house in Sydney...
     
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  12. samiam

    samiam Well-Known Member

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    damn. I won't qualify now :( can you wait 10 years? :p
     
    Last edited: 23rd May, 2016
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  13. hash_investor

    hash_investor Well-Known Member

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    Who is this seechange? :confused:
     
  14. big max

    big max Well-Known Member

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    You would be a fool to buy now. Think about it. Do you think there are other out there who would pay substantially more than you in a few years time? Especially with so much supply coming on? Its close to peak. If you are after property with capital gain buy Brisbane or Gold Coast. If your heart is set on Sydney save your cash and buy on the dip of next cycle.
     

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