Hi everyone,
I’m beginning again with my research and noticed price hikes all around regional Victoria (my home base)in my usual haunts.
I was wondering whether these hikes are seen in here and in other states in general or just in particular suburbs [?]
Which surburbs are people finding the most difficult at this time to get good deals? Of course there will and can always be good deals, especially as we negotiate them, but I found one realator’s answer quite alarming, when I asked for a ‘contract of sale’, the property was sold already (contracts had been already exchanged and agreed upon). He told me that he’s clearance rate is 100% within hours of signing up clients.
I was momentarilly surprised, but then I looked around again, and the same thing happened with another realator.
Okay, so I might be sluggish at the moment, as the anaesthetic still gets out of my system, but I’m a bit blown away by the buying frenzy.Cheers
Sooshie [
]There are no problems, only solutions
Glad you’re back on deck Sooshie!
I agree, the regional areas of Victoria have skyrocketed in the last 6-12 months. I have only watched larger towns (ie 10,000+) but have been stunned by the growth. Even some of the poorer performers have had substantial growth. So much for the concept that if you accept good yields you forfeit growth!
In Melbourne, things have certainly flattened. The ripple had reached the edges in the last 6 months (when inner and middle Melbourne really slowed) down but even the edges are starting to slow down now too.Keep smiling
FelicityHi,
The more people find out about +ve cashflow the higher prices go… watch out what happens when the book is released [
]Seriously, it’s all about supply and demand.
Now Soosh… mate… quit asking questions and whip [
] your husband into shape. Tackle the hard things first!Cheers,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Yes Sir!!! [
]You’re not wrong there! I am hoping (praying) that if I find something and get it all done to signing stage, he will conform. That’s how I got my other properties done. Okay there was a little more to it [
]
What did the mother say in ‘My Big Fat Greek Wedding’ [?] I think she said, the man may be the head, but the women is the neck, and she can turn the head…Something like that. []I am actually having a little fun on the net, playing a game which rescues animals and you have to feed them, water them, give medicine and clean out their pens. Totally off the topic! [:0)]
Okay, it’s off to work I go.
CheersSooshie [
]There are no problems, only solutions
Hmmm
Interesting topic this… I’m just wondering if we will look back at this point in time, in say 10 years and shake our heads.
It seems to me that the price growth is being fuelled mainly by cashed up investors taking advantage of easily accessible funds and record low interest rates.
So in my mind, we are in a rare point in time where the fundamentals are more or less perfect for this type of investing.
I guess my question are
i)Will the gloss come off Positive cash flow property investing when interest rates are say 9%+, and those that jumped into this niche see their cashflow being eaten away by increased operating costs (ie interest rates) and in addition the lure of a rapidly increasing sharemerket once again comes into play?ii) Is the growth especially in regional areas real or artificially inflated?
Not a doom and gloom statement; just a thought and 2 questions.
Things will not remain as good as they are forever.
My 2 cents
David U
I admit that it’s harder now finding +ve cashflow deals in my area of the outer SE suburbs of Melbourne.
I recently read a property report on Tasmania which was interesting. The gist was that prices in the state cannot be sustained as there is still 8% unemployment and the net migration is from the state to the mainland. The article made some unsubstantiated allegations that vacancy rates are increasing. I don’t know as I don’t own any property in Tas. Has any Tassie investors noticed this?
Hi everyone,
I’ve only been to Tassy once and I was hooked. I travelled by car somewhere over a bridge (not the main one) and the land near the water had the best views of the city. I didn’t know anything about investing then (and it seem’s like I still don’t [
]), but if I had I would have bought. It would have been purely an emotional deal.
I’ve heard the unemployement rate is still high, and a friend who lived there in Glenorchy (in front of Mt Wellington if I remember correctly) said that things were very depressed there . Another friend said to stay away from buying in Tassy saying it’s a dead end as people have to go the the mainland to find work( all this was about 9 years ago, when I fell in love with the beauty of Tassy). The same advice was given about Adelaide.
So to read your post which repeats what my friends said about 9 years ago, is pretty spooky! [] Mind you, my friends house in Glenorchy was a prime spot, with great views. His friend lived near China town (wherever that is now?) and the house was very high up, 2 story with veiws overlooking the Casino and CBD. NICE!!!Cheers
Sooshie [
]There are no problems, only solutions
Having just moved from SE Qld, the pprices there have gone stupid. 2 bed units were 160K now they’re 240K thats in 18 months. Houses on 800Sqm blocks 1km from the beach were 190K now 310K The growth has been fuelled by cashed up city folk relocating or retiring and having an open cheque book to buy what ever they want. My parebnts at Gosfard say the same. Everywhere on coastal fringe has gone up 100% over the past 2-3 years.
Hi,
I’ve seen the same sort of price jumps and agree it has gone crazy… There is however a coastal township where the prices have had only a very modest rise and the CG has almost paused. I actually am having trouble understanding this, as compared to other places, these houses would have been already around the 180K-250K mark, just because of location.
Cheers
Sooshie []There are no problems, only solutions
Sooshie et al.
Yep, it’s not just the coastal areas, but the inland NSW areas as well.
My wife and I bought a 3bdr b/v over a year ago 500m from the beach in Shellharbour area(1.5 hrs s. of sydney) and it’s gone 30% in the last year. I think much of it is the Sydneysiders looking anywhere that’s not expensive, plus a local council that’s smart about development and infrastructure going in(electric train and highway widening).
Further inland, in the highlands, it’s going off as well. It’s the old tale of when you start hearing taxi drivers talking about their investment properties, then everyone is in it. I heard some LRT ticketguy chatting with a mate about prices going ballistic in Bowral.
It’s pretty crazy.
Jireh
Hi Jireh,
Actually, I’ve heard some not so nice reasons why prices have gone up [
], but I’d rather not start a debate going at PI forum. [8D]
I heard that about infrastracture of a fast train happening in a couple of Victorian townships, but by the time I did my research, the house, land etc had been snapped up. Left overs were at laughable prices. Negotiations still occur, but when unrealstic prices have been set in the minds of vendors, sometimes its worth waiting.
Then there was the talk of movies being made in near Maldon, VIC and the prices skyrocketed!
It’s probably a good thing, because if I bought a house there it would have been an emotional decision not a business one (I love the Dayelsford area, I have lovely childhood memories there []) and I wouldn’t have wanted to part with it….Not a good thing with investing.Cheers
Sooshie[
]There are no problems, only solutions
]
]
] your husband into shape. Tackle the hard things first!
]
]
]), but if I had I would have bought. It would have been purely an emotional deal.
], but I’d rather not start a debate going at PI forum. [8D]The topic ‘State by State’ is closed to new replies.
