hi my name is Westan i’m 39 married to Janine have 5 kids live in Stawell Vic. Work in a school as a School Chaplain.
Started investing when i came out of Bible College 6 years ago, i was poor so i needed extra income. Started buying properties in 1997, have been really fortunate that they have kept going up in value, so i refinance to buy more…[Read more]

hi david
futher to what terryn has said you have 69,000 available. This can be used to borrow another 276,000 so you can buy properties up to 345,000. once again subject to servicability. this is why you shouldn’t buy negative geared properties it stuffs up your servicability (ie ability to pay off the loan) my taxable income is only 20,000 (not…[Read more]

Hi richmond
six years ago i found you could make offers 30% below asking price and occasionally they would be accepted. but today the market is so hot i often hear of properties selling for above asking price. i would still try offering low, i was lucky this year to get something for 63k (asking price 79K) but another time had to pay 74k (asking…[Read more]

Hi ed

a few other tips. One is never tell the agent or anyone else at the auction what you are prepared to bid, if you do they will make sure you end up spending that amount. I believe you should be confident with your bids it can psych out opponents. And as “new investor” said set a limit before the auction and don’t exceed it. sure its tough…[Read more]

Jay Cee

i agree with “investor” good deals with these properties are hard to find. On those figures 110k for 150 per week i wouldn’t be interested. Your property would end up taking money from your pocket each week and not adding to it. Unless there were some opportunities to add to the rental return (ie paint /carpet/carport and add 20-30pw)…[Read more]

hi jay cee

housing is a state govnt function. i can only share what i know from my experience in Vict. SA and Tas.
in victoria the min of housing is auctioning their properties through agents. They will not accept offers before the auction and i doubt it is possible to deal direct with them because of their stance on auctions.
in tas i havn’t…[Read more]

hi darwin
didn’t see the story.
while i agree with those forecasters, that the next interest rates change will be down. i don’t get too carried away with what economists say. they change their mind every week it seems. these are the same guys that until recently have be saying the next rate change would be up. Most of them have been saying this…[Read more]

Hi fullout
i found a property (for my brother which he purchased 3 months ago) in Murtoa
cost 27,000 rent 100pw
with 20% deposit plus purchase cost ($1200) he put $6,600 into the deal.
Loan of 21,600 @5.65% interest $23.75 pw
Rates/water $15 pw
Insurance 4 pw
Agent…[Read more]

Listen to askegg

he knows what he is talking about. i bought in clarendon vale in 1997 for 33k. i have 21 properties across Oz. Clarendon vale is the worst area i have experienced. i have had more trouble in clarendon Vale than all my other properties combined. I own homes in Elizabeth SA, Latrobe Valley and they are great areas in comparison.…[Read more]

hi joff

sorry i don’t really know, i’ve never looked into it. i’ve always stayed within the town boundries. off the top of my head i thing that out of town properties take longer to rent and rent is lower? you had best check this with local rental managers. Also if it is not zoned residential you may have some difficulties with finance, they may…[Read more]

Hi dorothy

i beleive that you really need to look at the individual area, is the city growing pop., what economic developments are happening etc. ie if it where ballarat for instance i would be happy investing at the right price because i feel that developments such as “fast train ” can only help this city.
It all comes back to supply and demand.…[Read more]

Joff

Portland interesting you mention this
i’m a bit dissappointed to talk about this. A mate and i did some real good work looking into Portland. I even spent an hour with the cities development officer getting all the up to day news. then when it came to negotiate a deal i stuffed up. a property was on the market for 45k i offered 39 and…[Read more]

Hi Joff

Can’t tell you much about east Gippsland.
But i can help with around the West of the State (i live in Stawell 120km past Ballarat, as i have advertised in a previuos post). Anyway I have purchased 2 properties in Horsham this year one for 74k will rent for 155pw Thats not a bad return. another for 65k rent currently at 120pw, when the…[Read more]

sorry full transcrip available at
http://www.sbs.com.au/business/index.php3?tid=653

regards
westan

insider

sorry it was on when i wrote the post at 7.30pm Friday.
Video of panel discussion can be seen at http://www.sbs.com.au/business/

on the panel was
Mark Rider- ubs warburg economist
michael Davoren- lj hooker
Neil Jenman
this is my synopsis
Mark Rider- fundamentals looks expensive, is overvalued but may keep going. Doesn’t see it ending…[Read more]

hi bluebear

Laws change from state to state
In Victoria
a publication from Consumer and Business Affairs called “renting statement of rights and duties” can be obtained from real estate agents. landlords and agents must give tenants a copy of this book or fined $500.
call 1300 366 356 for copies or call office of fair trading on 96276222 or 1800…[Read more]

Hi joff

answer to those questions
HAVE YOU HAD LOCAL AGENTS MANAGE YOUR PROPERTIES?
Yes i do have local agents manage all but one property(this is rented to someone i know). i have managed properties in the past but it is too time consuming now, i’d rather look for my next deal than chase money etc.

IF SO,HOW HAS IT BEEN.HAS MAINTENENCE AND…[Read more]

joff

some info regarding median prices is available in the property investor magazine, as with a lot of figures it is always a bit out of date but helpful anyway. by the way what state are you looking at?

westan

Joff

where is this data available from ?
i know in talking to agents that rental demand is still very strong and supply is short.

regards westan

hi joff

i specialize in regional cities/ towns aim for places over 5,000. i keep my ear to the ground and select areas that have some good economic prospects in the future. Last year i bought into Hamilton Vic pop 10000, prices have been really depressed over the past decade and pop declining. But hamilton is expecting to benifit from a Huge…[Read more]