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Would you like to share experiences after you missed out the chance to buy a dream property?

Discussion in 'Investor Psychology' started by paper, 1st Jul, 2015.

  1. paper

    paper Well-Known Member

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    18th Jun, 2015
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    Perth
    Thanks for everyone who responses to my previous threads.

    Here is the new one:

    would you like to share experience after you missed out the opportunity to purchase the dream property/properties (either live in or investment property)?
     
  2. thatbum

    thatbum Well-Known Member

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    Perth, WA
    Yeah, early on I thought I missed out on my dream first IP at an auction. Best thing that ever happened to me because I found a better one only a few months later. And it was better by quite a few magnitudes.
     
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  3. Darren A

    Darren A Well-Known Member

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    In late 2012 I had the opportunity to purchase an ip which was a beachfront unit in Sydney for a little less than what was paid for it in 2004. We had purchased an ip in March of that year in Sydney the problem was that my wife was scared to go into further debt.

    I would estimate that we would be around 200K in equity better off now if we had bought it. But i can't complain too much because we already have a couple of ip's and a ppor in Sydney that have done very well in the last few years and purchased an ip in Brisbane early this year.

    The opportunity to have an extra 200K in equity gone, but I will make it up.
     
  4. MsAli

    MsAli Well-Known Member Premium Member

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    Missed out at an auction in Western Sydney in Nov 2013. 581sqm block went for $640k. Old house with a pool, ripe for knock down. The block was a corner lot on the high side. Was totally gutted. Bought a 730sqm, much better, 16.2m frontage, leveled block for $670k just 3 months later, the night before the agent uploaded the advertisement on RE.com.au. Not too far but a much better location and much more cleaner surrounds due to a switch in council!
     
    Last edited: 1st Jul, 2015
  5. Be Developer

    Be Developer Property Developer Business Member

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    missed out on 5 acre at orchard hills (western sydney) for $million.. simply because i didnt had money do buy.

    they soon getting chopped in to 300sq meter block @420K

    :eek:
     
  6. Aaron Sice

    Aaron Sice Well-Known Member

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    Ocean Reef, WA
    missed an inner suburban lot that was an odd shape, only 160sqm, going for a song at $229k in 2013. Was made aware of it but wasn't listed. Again, other half not wanting more debt and was buying my PPOR at the time.

    today - would be worth $385k easy.

    Missed a pair of 1012sqm lots, side by side, in Collie - $500ea in 2004. Yes you read that right - five hundred dollars each - and all by 7 minutes.
     
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  7. Patsy

    Patsy Member

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    2nd Jul, 2015
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    Location:
    Melbourne
    Not so much my 'dream' property, but ticked all the 'not neg' boxes for my PPOR, old guy who placed the 1st bid at auction was told by auctioneer, 'good opening bid but I'm sure you can do better' he replied by bidding against himself o_O hence the auctioneer just dragged as many bids as he could from the hopefull 1st home owners juggling babies in their arms until it went over their max knowing Mr 1st bidder was there to buy it, it did go over my max, but 2 yrs later I still haven't bought as nothing else has become available that ticks all my 'not neg' boxes, with growth over past 2 yrs since then, I wish I had of been more aggressive/confident to bid above my max.
     
  8. sumterrence

    sumterrence Well-Known Member

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    Sydney
    Dream property - I lost by $1.9k on the property that me and my gf really liked when we looking for our PPOR, to this date she still get upset when I bring it up and saw another property similar to the one we loved.

    Investment property - back in 2011-12 I saw the Sydney market is picking up in lightening speed and I got my eyes at St Marys area, got doubt by EVERYONE including friends and family saying I'm crazy to even think buying there, telling me that if I buy there I will have trouble tenants and the property will not go up in value.

    I wasn't convinced but because of the so many negative comments I hold off and decided to observe for a bit longer, when the wave hit St Marys, the housing price go up by 10% every quarter.............

    to give you an idea, when I first looked almost all the houses there are asking for from $180k to max $230k which is already considered expensive, and they were attracting from $260-$280/wk rental income.

    And to be honest, I've inspected over 20 properties in St Marys area, most of the tenants there lived and maintained the property very well.

    lesson learnt was if your gut telling you it's good, do it! like any successful inventors, before their invention get notice, the whole wide world will go against them, once they succeed, the whole wide world starts to follow.
     
  9. AndrewTDP

    AndrewTDP Urban Planning Consultant Business Member

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    Location:
    Newcastle
    Place over the road from my current place, in Carrington in Newcastle.

    Run down (really run down) house on a double lot, each with it's own lot and DP.

    8 months ago, and I didn't have the same goal.

    Ended up selling for around 480k from memory, and it is exactly what I am now searching high and low for.
     
  10. MTR

    MTR Well-Known Member Premium Member

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    You mean I missed out, you should have gone harder:mad:
     
  11. mini2

    mini2 Well-Known Member

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    There's still 5 acres stuff at around the $1.5mil mark. That equates to quite a few 300m2 blocks...am I missing something here?
     
  12. Tillie

    Tillie Well-Known Member

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    Melbourne
    Missing out right now. :mad: Our dream property is for sale with the ridiculous price tag and the vendor is not negotiating. No-one else has bought it either but I still feel that I missed my dream home. :(
     
  13. vtt

    vtt Well-Known Member

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    Location:
    Inner West, Sydney
    I had the opportunity to buy my grandparents' (who had passed away a year earlier) 3 bedroom terrace in Newtown, Sydney in 2001 for $300,000. It is in a great leafy quiet street only a short walking distance to King Street.

    It needed some love and attention but was perfectly livable - it would be worth around $1.2 million now without renovation.

    Sometimes I drive past it just to torture myself. Grrrrrr.

    vtt
    :D
     
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  14. Leo2413

    Leo2413 Well-Known Member Premium Member

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    Missed an LMR site in Moorooka which at the time I was pretty disappointed. Looking back though it had stormwater easement issues which are a pain in the ****! I think it worked out for the best.
     
  15. seachange

    seachange Well-Known Member

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    Sydney
    A lot of these regrets are probably just wishful thinking. If something sells above your max bid, it wasnt yours to have. You set a max bid for a reason.
    I remember a beachfront property in a beachside suburb near Sydney going for about $200k or so 15 years ago, and I sometimes fall into 'oh if only' thoughts. The truth is I didn't have the money , so it's just a waste of energy to even think about it now.
    Many of you above shouldn't have any regrets, you all did what you needed to do at the time. Who knows how things could end up if you took risks to be that extent - your instincts are there for a reason. They protect you :)
     
  16. Iamnumber5

    Iamnumber5 Well-Known Member

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    australia
    Last year I missed out on a property that was sold in auction. It was sold at twice as much as the valuation which I was told by the agent.
     
  17. datto

    datto Well-Known Member

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    Location:
    Mt Druuiitt
    Shanes Park 5 acres for about 600K (with a run down house)
     
  18. The Y-man

    The Y-man Moderator Staff Member

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    I am never sure about the property ~ there's always been enough "potential issues" - so have never come across the "dream property" as such that we were contemplating buying.

    The Y-man
     
  19. neK

    neK Well-Known Member

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    I wouldn't say its a dream property, but i keep reminding my wife about it.
    It was a house up 300m from where we bought (and currently live).
    It has a garage... the one item that was missing from ours - Sold for $100k more but it also had 1 more bedroom, 1 more toilet, and 100sqm more of land and did i say it had a GARAGE.

    Every time it rains, i remind her, "we could have had that house and stayed dry... but no, you didn't want to look at it cos you thought it was ugly" :p
     
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  20. York

    York Finance Broker Business Member

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    Missed a good opportunity a few years back. 20 acres in Wallacia. Vendor was asking for 800k. Small house in the corner. Someone else bought it subdivided one 10 acre lot into 5, 2 acre lots shortly afterwards for 200k each. That's 1m. He kept the remaining 10 acres with the house on it.
     
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