Where are the millionaires buying now?

Discussion in 'Property Market Economics' started by Marcus Yuuu, 8th Jul, 2018.

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  1. MWI

    MWI Well-Known Member

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    Wait for what....wish to elaborate?
     
  2. Gockie

    Gockie Problem solver Premium Member

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    I have a Chinese FHB colleague who wants to buy here (Sydney). But since she doesn't have permanent residency (it would take her probably 2.5 years to get) the problem is if she buys established there's an additional surcharge of 8%. Which then makes her think buying new could be the way for her to go. I can't blame her on that logic.
     
  3. Eric Wu

    Eric Wu Mortgage Broker Business Plus Member

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    interesting,

    curious to know how many Americans or Europeans have bought in AU?

    ( I read from somewhere, might be FR, that the Americans are the largest RE investors in AU)
     
  4. MWI

    MWI Well-Known Member

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    Not only that, if they are Australian (I don't know), if so, and if this is to be a rental (I don't know) then a total depreciation for fixtures and fittings they can claim (since the items have never been used before by original owner when contract was signed 2.5 years ago)...
     
  5. Marcus Yuuu

    Marcus Yuuu Well-Known Member

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    Bigger discount! Where i look already 10% off, waiting for 15-20% lower...

    Did you get good price for OTP now?
     
  6. MWI

    MWI Well-Known Member

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    I did not sell a friend did, I would never buy OTP, but yes they even made some profit.
    If I were you I would wait for 50% decline....or more....never know?:D
     
  7. Marcus Yuuu

    Marcus Yuuu Well-Known Member

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    No 15-20% discount is fine, will reassess at end of year.... 50% decline very unlikely!!!!
     
  8. kierank

    kierank Well-Known Member

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    They are buying big time in Brisbane, especially any suburb in the Mansfield school catchment area such as Mansfield, Wishart and Rochedale.

    Dumps are going for $700K to $800K. Real good PPORs are going for $1M to $1.5M+.

    The really, really wealthy ones are buying in Burbank for $3M to $4M. They love the acreage lifestyle and that the suburb has the word “bank” in it, but like Sunny-bank.
     
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  9. samiam

    samiam Well-Known Member

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    :D:D:D:D
    Now I know where you live :D
     
  10. kierank

    kierank Well-Known Member

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    Brisbane?
     
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  11. Sackie

    Sackie Well-Known Member Premium Member

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    Brisbanites actually have money ?? :cool:

    I guess that's why inner and middle ring has flown up in value over last 3 years.

    Don't tell Sydney/Melb investors that . They are staunch in belief - country town Brissy is barely moving ...You couldn't make this $**t up even if you tried..:D:D
     
  12. inertia

    inertia Well-Known Member

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    What sort of dollars (and I guess for what sort of property) define a good deal in Eastern Sydney?

    Cheers,
    Inertia.
     
  13. Sackie

    Sackie Well-Known Member Premium Member

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    When I'm done purchasing I'll talk .
     
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  14. inertia

    inertia Well-Known Member

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    Fair enough :) I just don't know the Eastern Sydney market. I would have thought yield would be super low, and at the moment CG would be negligible for the near future. Would it not tie up a significant amount of capital?

    Cheers,
    Inertia.
     
  15. Sackie

    Sackie Well-Known Member Premium Member

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    There are some areas/stock types where add value potential is looking better and better but won't meet everyone's strategy/risk profile. Probably looking at a total of 2.8m including add value. Reval 3.5m. I'll wait for returns to be a little better for the risk involved, but it's looking good so far.
     
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  16. KinG3o0o

    KinG3o0o Well-Known Member

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    not sure.. tbh, if the FHOB, if they had the money and buying in the "grant" price range.. if they had it they already bought, especially in sydney.. i dont see much you can buy with that price range, but then again different people look at different areas.

    without PR she cant buy establish ?
     
  17. Gockie

    Gockie Problem solver Premium Member

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    She reckons she can... But with an extra 8% levy.
     
  18. Someguy

    Someguy Well-Known Member

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    Pretty sure anyone living in Australia can, just meant to sell when they leave. Student visas are a nice little boost for popular catchment areas Australia's new visa opens door to international primary school students and their guardians
     
  19. KinG3o0o

    KinG3o0o Well-Known Member

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  20. Herbert

    Herbert Well-Known Member

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    Normally by proxy, shorting the Banks,.......not so simple however when you have a Government protected banking cartel...but still doable.
     
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