Hi Redwing,
How time flies!
I have had a good year luckily. The WA market has exceeded all of my expectations. Those 60,70,80k properties in geraldton have jumped again and are now around the 200k mark although valuers are struggling to value up to contract prices in geraldton at the moment (I think a year ago they were low 100's). The beachlands properties purchased for around 70-80k are now over 250k fast approaching 300k! unbelieveable.
I sold 2 houses a few months ago, one in geraldton paid 81k sold for 155k (would now be worth closer to the 200k) so the buyer has done well. The other sale was the kalgoorlie property purchased 1 year ago for 83k sold for 137k , exactly a year after purchasing. (rented at $180.00 the whole time)
Rents for the cairns duplex I purchased last year for 200k have risen to $155.00 per side , so now getting 310 a week and agents tell me the duplex would be worth close to the 300k mark so that turned out to be a great deal.
Got a little side tracked from the investing and splurged on a fantastic home on sydneys northern beaches. ruined my cashflow but am in the process of taking some profits in geraldton to pay down the debt on this one. Its lovely has beautiful ocean views. (so cashflow problem should only be temporary)
Have been thinking about selling down some IP's to pay out all of my debt and live of rent, but then would have a massive CGT bill and tax to pay on income so still undecided about that.
That's pretty much where I am at this point in time sitting on 24 properties with some geraldton stock on the market for sale. 2 properties under contract but are subject to finance. Contract price on the first one is 300% of purchase price, contract price on the second one is 280% of purchase price.
The window of opportunity for buying x dept of housing stock in geraldton has closed as they only sell to owner occupiers and use a ballott system to be fair to all interested parties , they have also started using auctions, particularly on the beachlands properties.
I think most of this year will be selling down for me (in WA) and probably start buying back into the capital cities again once I have improved cashflow.
Will hold some WA stock for the longterm.