chops_a_must
Printing My Own Money
- Joined
- 1 November 2006
- Posts
- 4,636
- Reactions
- 3
Not indicative of where I am in my life
And no, I would never buy in western Sydney at any price probably.
Not always. You own a home and you wont get any benefits.
Not indicative of where I am in my lifeWell for a start, there will always be winners and losers in life - if you are on an average wage your whole life then you can't expect to end up at the top of the real estate heap now can you??
Having said that, there are plenty of starter places that can be had in Sydney for $200k-ish - eg decent 2 bed units in various western suburbs and so forth. Buy one, pay it off, live rent free for a few years, and then do it again and voila you are buying a median $400-$500k property (in today's money) as your 2nd purchase, on an average wage, and 5 years later again you own it outright and live rent free until and of course after you retire.
Now if you aspire to more, well then, you better figure out how to earn more than the average hadn't you??Then you can start out higher up the ladder.
Not always. You own a home and you wont get any benefits.As for periods of potential unemployment, well it would be better to experience that at a point where you are living rent free in a property you own wouldn't it than at a time where you have to pay ever-increasing rent??
PS: CamKawa - interesting article!
Cheers,
Beej
PPOR is excempt from means testing for retirees, not too sure about Newstart (dole) but the only unemployed these days are generally the unskilled who don't aspire for too much more than to survive until the next paycheck.Not always. You own a home and you wont get any benefits.
The beauty of property is the ability to leverage
My last deal -
- bought a unit in Brisbane March last year
- had enough equity to borrow the full amount of 125k it didn't cost me 1 cent
- borrowed 125k @ 7% IO = interest payments of $168 p/w.
- unit was renting @ $180, after 3months lease ended so I increased rent to $200- so from day 1 the unit was cashflow positive.
- After waiting 1 year sold for just over 200k., gross profit of approx 80k, I can tell you alot better than working.
Of course I have to pay CGT however this property did not cost me 1 cent to buy or maintain, so you do the math
And yes the market has changed, and I doubt this kind of deal could be made right now. However this kind of opportunity HAS been available for the last 7-8 years.
I own my own PPOR so really I couldn't care if it falls in price, and it's comforting when all my mates are complaining about their landlords increasing rents
Are you serious??? Where did you find a unit in Brisbane for $125k??? Mate, that would definitely be worth buying - you can't even get a unit in Hobart for that price!!!
Not indicative of where I am in my lifejust saying.
And no, I would never buy in western Sydney at any price probably.
Official ABS stats today show Australian Houses fell 1.8% in value over the September Quarter.
Updated Graph :
hello,
great news, down 1.8% yes 1.8% wow what a result
Higher it goes, lower it will fall, only matter of time.
I can't wait, if this happens in the next 3 or 4 years then I'll have enough for a deposit and be in a great position for a 23 year old.
st kilda up 14.7% for the Sept08,
hello,
you still get benefits if you own your own home or have mortgage,
Newstart payment and concession cards etc and so you should, most pay taxes all there life and should get benefits,
the bludgers should get nothing
thankyou
robots
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