[Chief WigamParticipant@chief-wigamJoin Date: 2004Post Count: 60]

February 12, 2011 - 9:53 am

Hi Bek, Dean and Steve,

It would be fantastic to hear how your property hunting in Texas went. In particular, I am considering Austin at the moment, actually have some driving there tomorrow to have a look at the area. If you have any opinions on Austin, they would be most appreciated.

[Chief WigamParticipant@chief-wigamJoin Date: 2004Post Count: 60]

October 11, 2009 - 1:28 am

That's interesting. Did you buy in Springvale?

[Chief WigamParticipant@chief-wigamJoin Date: 2004Post Count: 60]

October 8, 2009 - 10:45 pm

Good comments.
 
Since May 09 when I wrote my last post, Springvale prices have gone from strength to strength. I would say the prices have gone up about 50% in 2.5 years based on what I have seen and I do keep an eye out for Springvale as I now live in the suburb so I believe my estimation is close to the mark.

[Chief WigamParticipant@chief-wigamJoin Date: 2004Post Count: 60]

May 23, 2009 - 2:09 pm

I agree. Springvale is a great area very popular with Asians and immigrants who come there being close to markets, restaurants and shops. Many come there to live so there is a high owner occupier rate. If you can get a place close to the railway station, you will have a good investment. Renters are easy to find and will pay top dollar. Yields can be 6%.  The Central shopping centre is being re-developed as is the road/rail crossing where the rail will go underneath the road. The property prices there have been going strong and there is no sign of a slow down at all. The first home owner's grant is certainly helping. Springvale appears to be a safe area and I have spent a fair amount of time there. I have family living there and they have had no "rough" people or had any trouble at all.

[Chief WigamParticipant@chief-wigamJoin Date: 2004Post Count: 60]

May 23, 2009 - 1:41 pm

Hey Propdeveloper, did you end up proceeding with the development?

Curious,
Wigam

[Chief WigamParticipant@chief-wigamJoin Date: 2004Post Count: 60]

August 30, 2008 - 6:23 pm

Tim, are you still holding onto your Springvale property and how is it going?

Reason I ask is we also have a property in Springvale but don't visit there much. Any updates on interstate and overseas migration welcome. I understand a lot of Asians are still moving into the area and there is a massive undersupply of new places for them to buy.

[Chief WigamParticipant@chief-wigamJoin Date: 2004Post Count: 60]

August 30, 2008 - 6:17 pm

Springvale has had 19% growth over the past year to 30 April according to Australian Property Magazine August 08 edition. I had family who moved from Western suburbs of Sydney to Springvale and in that time their former suburb declined in value by 2%, so has done well.

Any one have any updates or views on Springvale?

[Chief WigamParticipant@chief-wigamJoin Date: 2004Post Count: 60]

July 8, 2008 - 4:40 pm

Yes I'm looking in Panama for investment property.

I have come across a 1 bedroom unit in Essenza, in Costa del Este – an area that is booming and is full of new developments. Under construction.

Do you have any reliable contacts to offer their opinions on the various property options in Panama?

Hope you are still active on the forum.

[Chief WigamParticipant@chief-wigamJoin Date: 2004Post Count: 60]

July 8, 2008 - 4:14 pm

Hi Hawes,

I would like to take up your offer of understanding the property market in Panama.

I know about the planned expansion of the canal as one good reason to invest there.

With the high AUD:USD rate, it is attractive.

What do you think of the Essenza development in Costa Del Este – this is an area that is booming and is full of new developments. How does it compare to other condos in your view?

It is tailored for medical tourism, retirees and general residential, so a "mixed" use. I have been told this mixed use is uncommon so gives the condo a uniqueness.

Is it better to concentrate my search for condos in Panama City?

I know the market there has rocketed in recent times. Is it too late to look at buying for investment purposes?

As there are lots of new developments coming on line, will there be an oversupply in Panama?

I know your posting is quite old now, but if you are still active in the market, I'd be interested to hear from you.

[Chief WigamParticipant@chief-wigamJoin Date: 2004Post Count: 60]

March 21, 2008 - 3:19 pm

Not sure if you are still looking to buy in Vietnam.
I have done some research in Vietnam and have found Danang excellent value when compared to Hanoi or Ho Chi Minh.
Half the price and excellent prospects. 3rd largest city and huge development planned, including a new oil refinery not far away which is attracting lots of foreigners to work there during construction and after.

[Chief WigamParticipant@chief-wigamJoin Date: 2004Post Count: 60]

March 21, 2008 - 3:12 pm

Malaysia has recently changed the law so that capital gains tax is no longer applicable. i.e. same as Singapore.

However I still prefer Singapore as there is much better building quality. Malaysia does carry stories of poor building quality and builders going bust leaving half finished developments plus there is the corruption which doesn't exist in Singapore.

As well, Malaysia has lots of land and can expand whilt Singapore land size is small and nowhere far to expand. Prices are still half of Hong Kong and there are 2 casinos being built n Singapore. The govt is wanting to boost the population from current 4 mil to 6.5 mil.

It is more expensive to buy in Singapore generally speaking.

I bought in Singapore last year. Hope that comparison sheds some light.

[Chief WigamParticipant@chief-wigamJoin Date: 2004Post Count: 60]

May 30, 2007 - 4:16 pm

Does anyone have further thoughts on the Ipswich area? Prices seems to have gone up about 10% this year alone. They have been going up steadily since 2001.

Is the bull run over and time to look at another suburb or is this only the beginning?

Type of houses eg. worker's cottage, Colonial, queenslander – does it matter for capital appreciation?

[Chief WigamParticipant@chief-wigamJoin Date: 2004Post Count: 60]

January 20, 2007 - 6:15 pm

Hi, I a new to this GST and property development stuff. I am interested in understand how you say you can claim back the GST. How is this possible as a developer? Can you be an individual investor or do you need to be a company?

We find comfort among those who agree with us – growth among those who don’t. Frank A. Clark.

[Chief WigamParticipant@chief-wigamJoin Date: 2004Post Count: 60]

January 20, 2007 - 10:53 am

AUSPROP, thanks for your comments. You’re probably right about the others in the area being done by builders themselves. I don’t really understand what you are saying with respect to GST. The price I would get for each townhouse is $330,000 each as this is around what other townhouses are selling for in the area. So no extra there. How about the 5k you refer to? To apply for a loan I thought it would cost about $1000 or less? Can you tell me how you got the 5k?

With the interest, I am told I qualify for standard residential rates by a mortgage broker. But I will check it out.

Anyway, if I can get the builder to come down in price to $8500 per square, remove contingency etc, the numbers look better – what do you think?

Land $260,000
Stamp duty $11,260
Building cost per square 8500 $408,000
GST 10% $40,800
Plans and Town planning $18,000
Contribution fee 4% $10,400
Driveway and landscape $10,000
Subdivision $4,000
Demolition $5,000
Legals $2,500
Loan application $1,000
Agent selling fees 3% $29,700
Interest 7.20% $57,648
Total $858,308

Townhouse – each 330000 $990,000
Profit $131,692
Margin 15.3%

[Chief WigamParticipant@chief-wigamJoin Date: 2004Post Count: 60]

January 18, 2007 - 6:02 pm

Norby, where do you find good builders ? Yellow pages is hit and miss. There must be a better way.

We find comfort among those who agree with us – growth among those who don’t. Frank A. Clark.

[Chief WigamParticipant@chief-wigamJoin Date: 2004Post Count: 60]

January 18, 2007 - 5:51 pm

LIke Giddo, the original poster, I have a block of 680 sq.m and have a builder quoting me $10000 per square to build 3 townhouses of 18 squares each. The numbers I have tell me to pass over this deal. Is it the builder’s quote that is breaking this deal? Can anyone assist here? I see others building similar townhouses on similar blocks, so it must be profitable. Where am I going wrong?

Land $260,000
stamp duty $11,260
building cost 160000×3 $480,000
GST on building cost 10% $48,000
Plans and Town planning $20,000
Local govt contribution $13,000
Drive way and landscape $20,000
Sub division $5,000
demolition $8,000
Legals $2,000
Agent’s selling fees 3% $29,700
Interest 7.20% $64,581
Contingency 2.00% $19,230.82
TOTAL $980,772

Sell 330000×3 $990,000
Profit $9,228

We find comfort among those who agree with us – growth among those who don’t. Frank A. Clark.

[Chief WigamParticipant@chief-wigamJoin Date: 2004Post Count: 60]

January 2, 2007 - 8:15 am

Hi Fullout,

Came across your question here whilst browsing the site, as I had a similar interest.

I was wondering what you thought of the Maidstone suburb now, since it’s been 3 years from when you were looking at suburbs that are undergoing developments. Do you think it’s now fully developed and has this improved the suburb? The prices have not really moved at all.

To try to help with your original question, you could try Springvale South. There has been some new construction in that area in recent times.

We find comfort among those who agree with us – growth among those who don’t. Frank A. Clark.

[Chief WigamParticipant@chief-wigamJoin Date: 2004Post Count: 60]

January 2, 2007 - 8:00 am

Hey TT man, are you still holding your property in Maidstone? Prices have been very flat recently. I am looking to buy an older house there on a large block, but am concerned as you are.

[Chief WigamParticipant@chief-wigamJoin Date: 2004Post Count: 60]

December 26, 2006 - 1:15 pm

Bridgebuff, yes that’s my understanding too. The part I am not sure about is how the 30% max limit is achieved when you use a trust. I know you can distribute the income to other family members or whoever you like, but some of those people may be in tax brackets higher than the 30%, so how is it that the 30% capping is achieved? I am confused as to where the number “30%” comes from. Thanks for your help.

We find comfort among those who agree with us – growth among those who don’t. Frank A. Clark.

[Chief WigamParticipant@chief-wigamJoin Date: 2004Post Count: 60]

December 26, 2006 - 12:34 pm

Steve, what do you mean by the profit will be taxed but not subject to CGT?

Any profit is subject to a CGT, regardless of whether you set up a trust or a company, isn’t it? If you set up as a trust or company you simply limit the CGT to 30%.

PS. Got your book as a Xmas present yesterday. Will read it over the next 2 weeks whils I’m on Leave.

We find comfort among those who agree with us – growth among those who don’t. Frank A. Clark.