sold my IP(1bedroom nice flat) 4 minutes walk from valley station for 290k earlier this year as I saw hundred if not thousands of newly released flat built around (RNA area).Was in Brizvegas a few weeks ago burying the old man (QLD frog take note) and was in Fortitude Valley. Across the road from the Wickham is a proposed town house project that caught my eye. Did note starting price was $385,000 for a single bed sit on lower floor levels. Also noted inner city apartments were on the rise with other developments around it also targeting this market. Had a beer or 2 at the Wickham ... interesting wall art in the lounge bar ... has an appeal if you are that way inclined.
Keep your powder dry on these inner city investments as banks retract
Was in Brizvegas a few weeks ago burying the old man (QLD frog take note) and was in Fortitude Valley. Across the road from the Wickham is a proposed town house project that caught my eye. Did note starting price was $385,000 for a single bed sit on lower floor levels. Also noted inner city apartments were on the rise with other developments around it also targeting this market. Had a beer or 2 at the Wickham ... interesting wall art in the lounge bar ... has an appeal if you are that way inclined.
Keep your powder dry on these inner city investments as banks retract
We gonna have a Greek like default. If not answer me this:
Property is going gangbusters so why aren't the banks ?
AUSTRALIA’S major banks have raked in a record cash haul of more than $28 billion this year.
The nation’s second-biggest lender, Westpac, was this morning the last of the ‘big four” to report full-year results, lifting its cash profit 8 per cent to $7.6 billion for the year to September.
Last week ANZ revealed a $7.1 billion cash profit and NAB a $5.2 billion cash profit.
Commonwealth Bank had previously revealed it raked in $8.68 billion for the year.
Combined, Australia’s banking heavyweights reported full-year cash profit of $28.6 billion this year, up from $27 billion last year.
It is almost three times the $10.4 billion they raked in for the same period a decade ago.
Brisbane was being spruiked as the next city to follow the Sydney boom. Lots of investors on SS and PC seem to have entered with the hopes of similar returns.
We gonna have a Greek like default. If not answer me this:
Property is going gangbusters so why aren't the banks ?
We gonna have a Greek like default. If not answer me this:
Property is going gangbusters so why aren't the banks ?
Meanwhile the rest of us that worked our butts off for the last twenty years are buying property in the most beautiful westernised country in Asia pacific.
CanOz
Another empty permabear prediction, exactly when do you predict this event to happen? Banks don't do well when the interest rate cycle hasn't bottomed...
You permabears are all the same, sooner or later you're right
Meanwhile the rest of us that worked our butts off for the last twenty years are buying property in the most beautiful westernised country in Asia pacific.
CanOz
You mean China right?
If not, you are just another Chinese investor in Australia.
We don't really need you at the moment, particularly if you like Sydney. Because, you are f***ing over the locals BIG TIME.
Actually I'm a Canadian investor, my wife is Australian though....I don't really need you, neither does the rest of the country....mate!
Cash component of housing purchases are higher.
Banks were priced as the most expensive in the developed world and are being partly de-rated.
APRA/Basel III capital requirements are diluting earnings.
Other macro-prudential requirements to slow loan growth.
Loan growth rates outside of property aren't accelerating. Apparently there is more to banks than property.
...
Shall I go on?
Greece-like default? In any case, you probably want it to happen so you can get set in property. An idea: move to Greece now and buy a property so you can join the middle class there and oppress the under-class. When the Australian dollar collapses as our banks and entire credit system catches fire, you can sell that and buy Bondi.
Still selling used light bulbs I see
The wealthiest 5 per cent of Australians have well over 50 per cent of their wealth tied up in property, while individuals in between the 50th and 75 percentiles have just a quarter of their wealth invested in property. A far higher proportion of the portfolios of lower income groups is invested in cash and term deposits.
Still living in Mum and Dads garage?
Meanwhile in the real world ... who is actually exposed to this downturn?
http://news.domain.com.au/domain/re...property-prices-collapse-20150806-gisq7z.html
So the rich get the picture this time eh?
Cash component of housing purchases are higher.
Banks were priced as the most expensive in the developed world and are being partly de-rated.
APRA/Basel III capital requirements are diluting earnings.
Other macro-prudential requirements to slow loan growth.
Loan growth rates outside of property aren't accelerating. Apparently there is more to banks than property.
...
Shall I go on?
Greece-like default? In any case, you probably want it to happen so you can get set in property. An idea: move to Greece now and buy a property so you can join the middle class there and oppress the under-class. When the Australian dollar collapses as our banks and entire credit system catches fire, you can sell that and buy Bondi.
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