I mentioned in another post that I would be selling any property holdings I held in West Aust.
I have a feeling that the “sheep” are all heading in that direction.If you want to be wealthy, you must go the opposite way. Only those individuals seem to come out on top.
So, where to invest in property?
Me, I did it in Sydney two months ago. Melbourne is looking good.The “sheep” are also charging into superannuation.
At the beginning of the year I closed all managed funds , some insurance policies. Also borrowed ,all for loading up my superannuation funds.
I closed two “retail” super funds and rolled them over to “industry “funds.
I don’t need property to support me in retirement.
Property is a fun thing.bruham.
So, let me get this straight…. The “sheep” are all planning on selling WA property – and you agree this is a good move.
The “sheep” are all charging into super – you have also loaded up your super but you were super-clever and did it at the start of the year (Beat the sheep by almost 12 months!!)
Are you trying to say that you are not a sheep?… Or are you trying to say that all sheep were created equal, but you are the cleverest sheep of all?
Hi Bruham
I am one of those sheep that has recently putting funds into my own self managed super fund, i have been selling off my properties in mining towns in WA and contributing to super to minimise tax on capital gain. Self managed super funds still allow you to buy property and helps reduce tax payable.
Western Australia has been good to myself over the last 3-4 years, but feel developers and vendors are becoming a little greedy in a booming market. I believe WA is becoming a little difficult to find good value investment properties at the moment, and will look to the east coast for next investments.
Regards
Wayne
G’day,
TJ, no my thoughts were that the sheep are all heading to WA buying up investment properties, they seem to think that the mineral boom will last for ever.
In fact it’s starting to turn around now. Copper prices have fallen from their high of $us8,000 a ton to $us7,000 a ton.
The yanks in 1960 accounted for 31% of copper production in the world. Now it’s only 15%.US steel demand has fallen from 35% to 12% over the same period.
Brazil is sucking up larger iron ore contracts by the year.
Iron ore exports are up 25% for the year.West Aust. haven’t got it all their own way. Brazil is starting to be a pest to our mining contracts.
As for superannuation, yes I’m a sheep. I didn’t realise that I was one of the herd.
I even borrowed money to top up my super so I don’t need any other form of investments to live off.
Closed managed funds etc to ensure a comfortable life style later on. Not much later on.I had no intentions of buying further investment properties. But to avoid being completely mixed up with the sheep, I’m doing a small size development in Curl Curl.
Absolutely my last property investing adventure.Wayne mate,
I said in another post that if I owned property in WA
I would be selling. I would be buying elsewhere. I think you are doing the right thing by selling . Especially those mining towns.In Sydney, property investors are trying to sell their property investments to put the return into super. Only got to end of June 07 to put their million plus dollars into their super. Couples one mill. each.
Unfortunately the first home buyers who have bought and can’t meet their mortgage payments and force to sell are causing prices to fall further.
Five thousand homes have been seized this year by the banks.Sydney is the best bet for property investing now.
My mate has been watching house prices fall in the Blue Mountains. Plenty for sale, but no buyers.
One house on the market ,asked $475k. Six months later asking $405k.
My mate, this weekend, will offer them $360k.
Can’t help feel sorry for the poor bastards. Having to sell at a large loss.
LIFE REALLY DOES SUCK ! (I’m now angry)bruham.
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