One of the country's biggest real estate agencies, Ray White, has stunned the financial services industry by setting up a financial planning arm at a time when the sector is suffering from a crisis in confidence following a series of scandals.
An Australian Financial Services Licence (AFSL) is imminent and the family real estate business, which has a network of 750 real estate agencies across Australia and 500 mortgage origination brokers, is expected to open its financial planning business before Christmas.
The new business, Wealth Market, will be headed by Jason Powell, who has a background in the financial planning industry, including Professional Investment Services and management roles at Commonwealth Bank's financial planning division between July 2007 and October 2010, when the financial planning scandal erupted and allegations of file tampering and cover-ups were made in the senate committee.
More............
It ain't folklore. I'm not talking about buying a couple of blocks in some backwater, these were prime sites within 10km of Sydney CBD and I'm talking about deals north of $50m. They're happy to take much lower returns than the average Australian developer.
I don't think property will crash until we go through a final stage of irrational exuberance, as occurs in the share market. Unfortunately, I am starting to think that we are heading into this stage despite the warnings from various groups such as the Reserve Bank and the IMF.
My take is that Chinese, Singapore and Australian investors will force up the prices substantially over the next 2 years and everyone not in property will feel they are missing out.
Honestly I caught a taxi last week and the taxi driver was telling me about his housing development. The single Mum at cubs was telling me about her property portfolio that she is building up from nothing 2 years ago. It's like the shoeshine boy asking for stock tips just before the Great Depression. It scares me.
No point developing it. Just buy the land get a few approvals rezoning etc and flick it to a Chinese developer for 50% more than you paid for it.
Fantastic! We really need some of the real estate market's most unscrupulous players getting into offering the full packaged deal. House, Land, Finance, Insurance, we have it all covered. The ultimate one stop shop.Don't know what the problem is should there be one. Anyway, it'll all be solved soon. Just ask this lot which have applied for a Australian Financial Services Licence.
http://www.theage.com.au/business/c...inancial-planning-market-20140916-10hljo.html
Thank you Alan Kohler for these gems of wisdom.
“[Is it] all that bad if prices are high? Everyone’s complaining that Australian houses are overvalued. And I’m saying ‘yeah it’s bad for first home buyers’… [My kids'] are complaining to me that they can’t buy a house cause they are having to rent all the time. Well, actually is that so bad? So rent!”…
“The fact that house prices are overvalued is great for retirees. So then they can support their poor renting kids… But the kids don’t really need to buy a house”.
+1Renting is fine except where kids and pets enter the equation. You have no security with only a 12 month lease, and majority of landlords say no pets....major advantage of being able to buy over having to rent.
Renting is fine except where kids and pets enter the equation. You have no security with only a 12 month lease, and majority of landlords say no pets....major advantage of being able to buy over having to rent.
+1
I own not for any financial reason but because of non-financial factors. No landlords taking 6 months to fix a minor problem whilst worrying that the pet mouse will escape and demolish the house or that the cat will rip the carpets up. Etc.
+1
I own not for any financial reason but because of non-financial factors. No landlords taking 6 months to fix a minor problem whilst worrying that the pet mouse will escape and demolish the house or that the cat will rip the carpets up. Etc.
There are good landlords and bad of course. The benefit of owning, of course, is that I am the landlord. And thus far at least, neither the mouse and it's squeaky exercise wheel nor hanging pictures on the wall has caused the house to fall down.
What a typically inaccurate generalisation. Plenty of us here have been or are landlords. I'd be very surprised if others wouldn't also do as I've done and ensured absolutely everything has been done to ensure tenant satisfaction.There are no good landlords. None of them fix anything. They pretty much don't get it that tenants don't own the house, therefore don't pay for capital improvements or maintenance.
There are no good landlords. None of them fix anything. They pretty much don't get it that tenants don't own the house, therefore don't pay for capital improvements or maintenance.
What makes it worse is they want the laws changed so that they can make tenants pay for removable parts.
What a typically inaccurate generalisation. Plenty of us here have been or are landlords. I'd be very surprised if others wouldn't also do as I've done and ensured absolutely everything has been done to ensure tenant satisfaction.
If for no other reason, it's the most sound way to ensure your tenant will look after the place.
I own an IP, replaced the whole flooring (still quite OK) last week with top of the range non allergen flooring as my tenant has asthma, fighthing Body Corporate on their behalf as another tenant (smoker) give them grief, JesusI have never known a landlord to do any maintenance EVER. Without having their arm nearly twisted off !
Renting in this country is a very poor quality of life. You can't do ANYTHING and you are under threat of getting kicked out almost anytime.
People who are proposing it as a genuine alternative to owning need to get real. You can't do this long term. If you plan on having kids - forget it.
The tribunals are just full of landlords renting to families then trying to sue the tenants for ridiculous amounts of money. Luckily the tribunals are fair about it and say "well no, you rented to a family, additional wear and tear is expected".
There is no middle ground, you don't own the house, you don't pay to replace things. Landlords need to get that into their heads and for renting to be any sort of way to live the laws need to be seriously looked at. Renting just sucks by design.
Especially with vacancy rates the way they are in Sydney, there are working people who end up homeless. You guys need to come down and live on planet earth. People are suffering so others can get unearned riches.
get real: tenants are subsidised by IP owners.
I own an IP, replaced the whole flooring (still quite OK) last week with top of the range non allergen flooring as my tenant has asthma, fighthing Body Corporate on their behalf as another tenant (smoker) give them grief, Jesus
all that for 3% return based on a purchase price well below current valuation.
get real: tenants are subsidised by IP owners.
in my case for diversification of asset, for others as unrealistic dream of ever increasing prices
MrMagoo, with such an attitude, to be frank, I doubt I would select you as tenant so you may get the worst of landlords..negativivity can self generate
And IP owners are subsidised by the taxpayer, the renter pays tax (sometimes??) so it's a funny old loop isn't it?
Let's get back to basics and hope we get some politicians with spine to change the rules in the not too distant future?
Speculating in housing is just faux wealth at the expense of the current generation and hoping (or just being blissfully ignorant will do) not to be the one holding the baby when the music stops......which may be pretty close, as shown by the million dollar garage renos in Sydney recently?
http://www.dailymail.co.uk/news/art...illion-owners-converted-two-bedroom-home.html
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