Where are the millionaires buying now?

Wait for what....wish to elaborate?

 

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.

 

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)

 

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)...

 

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

Did you get good price for OTP now?

 

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?

 

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

 

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.

 

Now I know where you live

 

Brisbane?

 

Brisbanites actually have money ??

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..

 

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

Cheers,
Inertia.

 

When I'm done purchasing I'll talk .

 

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.

 

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.

 

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 ?

 

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

 

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

 

good to know.. thanks for that.

 

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