The future of Australian property prices

[sptrawler]

Nothing but grief with rentals.
At one stage had 3. Sold 1, 1 got burnt to the ground and the 3rd is empty now here at home.

Been there done that, the last one was so badly trashed that after I finally got the guy evicted, I just got the demolition company to knock it down.
The great part was, the tenant worked for the demolition company.
Then I sold the block, as with you I'm completely out of renting, did it for 30 years bad tenants outnumbered good tenants about 80/20.
Good tenants usually get their own house, bad tenants don't move on, just keep taking the pizz and don't pay rent, it's a mugs game IMO.
Shares are riskier but much less stress.

 

[farmerge]

Been there done that, the last one was so badly trashed that after I finally got the guy evicted, I just got the demolition company to knock it down.
The great part was, the tenant worked for the demolition company.
Then I sold the block, as with you I'm completely out of renting, did it for 30 years bad tenants outnumbered good tenants about 80/20.
Good tenants usually get their own house, bad tenants don't move on, just keep taking the pizz and don't pay rent, it's a mugs game IMO.
Shares are riskier but much less stress.

The house that burnt to the ground I managed to get thescum gaoled for a period, BAD MOVE, still haunt me 20 years with cutting fences.

 

[sptrawler]

The house that burnt to the ground I managed to get thescum gaoled for a period, BAD MOVE, still haunt me 20 years with cutting fences.

I'm lucky I have a couple of really big sons, who kept an eye out for me.
It's really funny, I found the more you tried to be nice the more the tenants took the pizz, renting really wasn't my bag my natural bent is to help people, tenants seem to see that as an opportunity to take the pizz.
There is great opportunity in rental properties, but it isn't without its problems.
I keep thinking of buying another, as an edge against inflation, but the wife says absolutely not, so 'happy wife, happy life wins'.

 

[mullokintyre]

Was orignally going to put this in the Unintended consequences thread, but then I figured maybe thats what the govmint wanted all along.
From Macro Business

Mick

 

[Warr87]

maybe and maybe not

you can always dream it will be different this time , but i think a lotto ticket might work better

I'm hopeful, but I'm not stupid. I hope for the best but expect the worst.

 

[farmerge]

I'm lucky I have a couple of really big sons, who kept an eye out for me.
It's really funny, I found the more you tried to be nice the more the tenants took the pizz, renting really wasn't my bag my natural bent is to help people, tenants seem to see that as an opportunity to take the pizz.
There is great opportunity in rental properties, but it isn't without its problems.
I keep thinking of buying another, as an edge against inflation, but the wife says absolutely not, so 'happy wife, happy life wins'.

Mr sp I have a feeling your wife and mine must be related. Rentals now would be the excuse for a divorce

 

[macca]

I'm lucky I have a couple of really big sons, who kept an eye out for me.
It's really funny, I found the more you tried to be nice the more the tenants took the pizz, renting really wasn't my bag my natural bent is to help people, tenants seem to see that as an opportunity to take the pizz.
There is great opportunity in rental properties, but it isn't without its problems.
I keep thinking of buying another, as an edge against inflation, but the wife says absolutely not, so 'happy wife, happy life wins'.

My rules for rental properties

I prefer two bed units or duplexes, means no big families and often a single parent so only one or two people
Always use a property manager, but keep the PM up to the mark
Try to locate in a smallish town, not city, because the PMs know most of the local renters. This may just be a village mentality or commuter suburb that people like.
Insist on seeing the inspection reports every 3-4 months, accompany PM at least once year to note any future maintenance likely.
Let the PM put up rent when they want to
Check but fix any problems, PMs do have preferred landlords for good tenants.

I have had 4 IPs and never had a problem over 20 years, all in villages, country towns near cities where there is work.

I do know people who have had all sorts of problems, a mate was one but he always self managed. Got all the sob stories, phone calls any hour slow payers etc etc, too hard like that.

I was mainly after capital gain so left it to PM

 

[farmerge]

My rules for rental properties

I prefer two bed units or duplexes, means no big families and often a single parent so only one or two people
Always use a property manager, but keep the PM up to the mark
Try to locate in a smallish town, not city, because the PMs know most of the local renters. This may just be a village mentality or commuter suburb that people like.
Insist on seeing the inspection reports every 3-4 months, accompany PM at least once year to note any future maintenance likely.
Let the PM put up rent when they want to
Check but fix any problems, PMs do have preferred landlords for good tenants.

I have had 4 IPs and never had a problem over 20 years, all in villages, country towns near cities where there is work.

I do know people who have had all sorts of problems, a mate was one but he always self managed. Got all the sob stories, phone calls any hour slow payers etc etc, too hard like that.

I was mainly after capital gain so left it to PM

Glad to see you areon a winner with your rentals.

 

[macca]

Glad to see you areon a winner with your rentals.

I have sold them all now but I did have a good run, last one only a year ago.

Tax and ease of finance make an IP a suitable way for conservative investors to accumulate a healthy retirement nest egg IMO

Over the years, I have explained my strategy to a few people, so far everyone has ignored me

 

[farmerge]

I have sold them all now but I did have a good run, last one only a year ago.

Tax and ease of finance make an IP a suitable way for conservative investors to accumulate a healthy retirement nest egg IMO

Over the years, I have explained my strategy to a few people, so far everyone has ignored me

So, sound free advice is not acceptable !!!!!

 

[macca]

So, sound free advice is not acceptable !!!!!

They say advice is worth what you pay for it..............

 

[farmerge]

They say advice is worth what you pay for it..............

A take each way. Sometims paid advice is worthless, and then the reverse, freely given could be a goldmine in the making.

 

[Belli]

Yes, it's a media story. However, the $17 toaster I purchased from KMart a couple of months ago wasn't working (an element was blown) and I took it back. Received a replacement. No hassles at all apart from inconvenience.

It is a pity these people (and others) cannot do the same with a dud build.

Customers' homes riddled with defects after building franchise goes into liquidation

Would-be home owners are unable to finish their homes and can't claw back their deposits after a builder linked to a national franchise construction company went into liquidation.

www.abc.net.au

 

[SirRumpole]

Yes, it's a media story. However, the $17 toaster I purchased from KMart a couple of months ago wasn't working (an element was blown) and I took it back. Received a replacement. No hassles at all apart from inconvenience.

It is a pity these people (and others) cannot do the same with a dud build.

Customers' homes riddled with defects after building franchise goes into liquidation

Would-be home owners are unable to finish their homes and can't claw back their deposits after a builder linked to a national franchise construction company went into liquidation.

www.abc.net.au

Disgracefully shoddy build.

Clearly building standards and the inspectors that are supposed to enforce them are failing.

Silence from State and Federal governments about this.

Where are the consumer protection laws ?

 

[Belli]

Silence from State and Federal governments about this.

Add local councils to that list.

Where are the consumer protection laws ?

Limited to non-existent is where.

 

[mullokintyre]

In her very first speech, the new RBA governor Michele Bullock is quouted in the Fin Review

"Renters and low-income households are better off than they were two years ago despite high inflation and rapidly rising rents, as strong employment and income growth shields people from the worst of the cost-of-living crunch, Reserve Bank governor Michele Bullock says."

Not sure who provides her with research to back that up, but I would respond to that by saying her name needs but two letters needing to be changed.
Bollocks.
Mick

 

[Dona Ferentes]

In her very first speech, the new RBA governor Michele Bullock is quouted in the Fin Review
...Not sure who provides her with research to back that up, but I would respond to that by saying her name needs but two letters needing to be changed.
Bollocks.
Mick

that speech definitely doesn't pass the pub test, or talk in any meaningful way to myriad disguntled tenants experiencing rental pain and uncertainty. A terminated lease can often lead to homelessness,

 

[Warr87]

In her very first speech, the new RBA governor Michele Bullock is quouted in the Fin Review

Not sure who provides her with research to back that up, but I would respond to that by saying her name needs but two letters needing to be changed.
Bollocks.
Mick

Not a great start. First speech, and its a statement that most definitely won't age well. This should've raised some alarm bells: "despite high inflation and rapidly rising rents". Unless income is raising at a higer rate (for people to be better off, as she suggests), it's definitely a stupid statement. I think low income earners are likely seeing income rising slower than inflation, despite the rate of rising rents.

 

[TimeISmoney]

That is the least of their worries.

Melbourne landlords paying tenants to break their lease due to rising interest rates and increased taxes​

Desperate landlords are now paying their tenants to move out due to increased costs associated with Melbourne’s worsening rental crisis.

Penny Costa recently sold her Noble Park long-term rental after deciding the cost of having the property was greater than the reward.


The rent she was receiving was not enough to cover interest rate rises, insurance and safety inspections.

“The costs and the expenses were just too significant,” Costa told 7NEWS.

Of Orrico’s 28 current listings, 18 are ex-rentals.

The number of rentals in Melbourne is dwindling, according to data from national investment firm Propertyology.

Ten years ago, Melbourne had 11,800 homes available for rent. In 2023, the number of homes decreased to just 6,500.

 

[qldfrog]

And it will not improve anytime soon, as a good leftist minded, it is warvon landlords and open gate to migrants leading how surprise to homelessness and sky-high rents..a
Good socialist agenda