West Ryde - my IP for sale. Guess my final sell price?.

A sale next financial year would be good - the best offer was a compounding 11% annual growth on my purchase price (plus reno costs) since purchase in 2011. But I figure if I sell next financial year I'd defer paying CGT for another 12 months, and I would get the benefit of the use of the full amount of the gain close to the beginning of the tax year, rather than just at the end.

 

Thats still very decent!

 

Personally I wouldn't bother selling unless

1. I had to (included in here is keeping partner happy / fulfill a promise to reduce debt)
2. I had somewhere better to invest the money.

Is there an option to keep it even longer?

 

Yes. I don't really need to sell, the rent coming in isn't a problem, nor is land tax either. If I could have gotten a really strong sale price I would have taken it. Who knows what my borrowing capacity is anyway for another property.There's a possiblity if I sold I may not be able to buy another IP to replace it.

 

I would of sold. I'm sure that block is literally on the train line. The peak value in now with a Reno . I sold one up the road in June last year, same deal, main road ,just renovated. Don't regret it , haven't bought since.

We had a way of mitigating CGT event so horses for courses . Congrats on being able to choose, that's what it's all about IMHO

 

@Gockie how is your new primary residence reno going? was trying to find the thread and found this one in stead?

MTR

 

Hi Marisa! No reno on the new PPOR except just got some of the internals painted and replaced some carpets.

Incidently i've been talking to people and i've been told the wood used in the 1980's extension in the new place would cost a bloody fortune if it was done now.

The old PPOR is now on the market (auction scheduled for the end of the month) and the open is on right now. Fingers crossed.

 

Best of luck, fingers crossed!

 

the winner is Sideneeee ! Great result. Link has been updated as Sold. Well played.

 

so it's only sold for $582K?

 

I'm happy with that to be honest... the problem is, it faces a train line. So its hard to properly enjoy the courtyard. And it's still a huge gain on when I bought it...

I just wish I could have done something better to manage the taxes...

 

Very educational @Gockie so the last one went for $635k and yours went for $582k ...yeah agree the train line was never as going to get into the 6s...no chance.

So what learnings have you to share from this experience. Why sell ...if it was good for AirBnB ...you are you loaded after all...as the Epping house you bought I now over $2m?

Incidently what did you buy it for? I know you also spent money on reconfiguring it?

PS - How is your mom?

 

My comments in red @sash....

Very educational @Gockie so the last one went for $635k and yours went for $582k ...yeah agree the train line was never as going to get into the 6s...no chance.
The others didn't face the train line, that was the main issue with mine.

So what learnings have you to share from this experience. Why sell ...if it was good for AirBnB ...you are you loaded after all...as the Epping house you bought I now over $2m?
Still good for Airbnb... its surprising to see the demand in the suburbs. I just figured Sydney units aren't going to go up heaps more over the next few years so i'd take a profit. Land is where the money is in Sydney, but then land tax and yields start to become an issue.
Plus the building has a few issues, but you always get some in strata buildings.

Incidently what did you buy it for? I know you also spent money on reconfiguring it? It was not expensive, including Reno costs it's a 74% gain since 2011. So not quite doubling, but I held it for 5 years so no complaints here.

PS - How is your mom? She's happy I sold. She's not an investor and doesn't have an investor mindset. So you can understand why she might be happy with me selling. Of course, i'm looking to buy again. But not in Sydney right now.

Cheers.

 

Where to next if you don't mind me asking?

 

Did a nice Redcliffe region drive today....

 

Hang on....I had to take double take...

Did you say Deadcliffe...isn't that in that part of the world called Moreton Bay! Onya....

 

Onya....Gockie .......I was going to use Fuscia (Pinkish) and Blue... but @MTR has the monopoly on that with her new Avatar...

So I will respond in text ...given I am old b^st^rd....

1. Agree land is where the money is.....exception is where house are million dollars and older units are low 3s.

2. Good gain....bought for 335k ish..and sold for 582.

 

So @Gockie held for 5 years made 250 k approx or 1 k / week.i'm with @sash I think it too a good gain for some thing passive and probably positive geared for the time scale. Good on you for taking some cabbage for arguably a Challenged asset

Paying tax is an enjoyable part of making cashola . Well played.

 

Ohhh... when you write that. ...
Yep. Can't complain!!!