Who is buying?

Discussion in 'Property Market Economics' started by Propin, 17th Apr, 2020.

Join Australia's most dynamic and respected property investment community
Tags:
Page 2 of 2
  1. Brickbybrick

    Brickbybrick Well-Known Member

    Joined:
    21st Jun, 2015
    Posts:
    122
    Location:
    Sydney NSW
    I recently missed out on a PPOR. Sale process transitioned from auction to best offer by a certain date. I had more time to put in a higher offer than one I knew the details of and told the agent so.

    The seller got the jitters and suddenly accepted the existing offer well ahead of their own specified deadline and it was too late for me. A case of taking the money and running.

    I was not happy as I've been looking a long time, and house was a closer match that anything I'd seen for ages. If I'd bought it I wouldn't have paid a bargain price but I wouldn't have paid a ludicrous price like at the peak of the boom either.

    Unfortunately, exactly as I expected, there now isnt much for sake in that area at the moment, and whatever is available isn't ideal.
     
    Brickbybrick, 1st May, 2020
    #21
  2. Biggbird

    Biggbird Well-Known Member

    Joined:
    4th Feb, 2020
    Posts:
    137
    Location:
    Hobart
    That sucks and commiserations for missing out on this one. Another one will come with time, and hopefully cheaper by the time it comes around too!
     
    Biggbird, 1st May, 2020
    #22
    Brickbybrick likes this.
  3. ellejay

    ellejay Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    2,192
    Location:
    Kimberley and NZ
    Will be buying small developments as current ones get close to completion. Keeping an eye on the market but people still need places to live . Important to buy in areas with strong rental demand as plan B.
     
    ellejay, 1st May, 2020
    #23
    MTR likes this.
  4. db9

    db9 Well-Known Member

    Joined:
    25th Jun, 2016
    Posts:
    254
    Location:
    SEQ
    That’s really frustrating! I don’t see the benefit of advertising a house for sale in that way - it just confuses everyone. If a seller gets an offer before the date that matches the $ figure they are after then it makes sense they accept though.
     
    db9, 1st May, 2020
    #24
  5. sumterrence

    sumterrence Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    448
    Location:
    Sydney
    So how much did you end up bought the place for?
     
    sumterrence, 4th May, 2020
    #25
  6. ashish1137

    ashish1137 Well-Known Member

    Joined:
    12th Sep, 2015
    Posts:
    932
    Location:
    Sydney
    hmmm,

    I am still on spree. Bought two lots in last 6 months and again in VIC. Both from buyers who booked in Jan and March 2018 respectively.

    One lot at 170k which was valued at 210k and another at 210k which was valued at 255k. There is no way anyone else could have bought at a lower price than this. Both properties in range of 460k and 410k have 90k to 100k worth meat in them.

    @Mumbai , what areas you looking at? I am still seeing some bargains off and on. :)

    Can settle and borrow comfortably, have some emergency funds as well and job is still there with no impact to existing tenancies.

    Still a bit scared. I have got my hands full atm. Let's see how next couple of years go.
     
    ashish1137, 5th May, 2020
    #26
    ellejay likes this.
  7. Mumbai

    Mumbai Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,216
    Location:
    Melbourne
    Hey Ashish, I am looking for a ppor in south east and northern suburbs within 15-25 km.
    I do have equity cashed out waiting for the right deal. I may start looking for investment property soon.
     
    Mumbai, 5th May, 2020
    #27
  8. Francesco

    Francesco Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    647
    Location:
    Canberra, Brisbane
    I am looking for an IP about $750k around Brisbane in this economic 'downturn' in the inner suburbs. I wonder what house I can get that is renovated and almost ready to let. I can see offerings in the market of 3/2/1 on about 400 sq m land, but would think I can get better.

    Achievable?
     
    Francesco, 5th May, 2020
    #28
  9. wylie

    wylie Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    14,014
    Location:
    Brisbane
    I would think so. Any particular suburbs? That’s going to be the decider.
     
    wylie, 5th May, 2020
    #29
  10. HUGH72

    HUGH72 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    3,022
    Location:
    QLD
    Within 7-10 km of the CBD yes, Renovated within 5km less likely.
     
    HUGH72, 5th May, 2020
    #30
    Francesco likes this.
  11. wylie

    wylie Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    14,014
    Location:
    Brisbane
    wylie, 5th May, 2020
    #31
    Francesco and Biggbird like this.
  12. Lacrim

    Lacrim Well-Known Member

    Joined:
    25th Jul, 2015
    Posts:
    6,192
    Location:
    Australia
    Lacrim, 5th May, 2020
    #32
    standtall and Francesco like this.
  13. HUGH72

    HUGH72 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    3,022
    Location:
    QLD
    HUGH72, 5th May, 2020
    #33
    standtall likes this.
  14. Shawn

    Shawn Well-Known Member

    Joined:
    26th Jun, 2015
    Posts:
    422
    Location:
    Sydney, NSW, Australia
    12% below what I believe it would've gone for in February.
     
    Shawn, 7th May, 2020
    #34
    sumterrence likes this.
Page 2 of 2
Property Tax Specialists - Beat the Oct deadline

Price Accounting are a leading tax service for your property + tax issues. Contact Paul@PFI for property focussed tax services using our client portal access, digital signing and checklist based approach for best pricing. Free client pack included.