$370,000 for a block of dirt...

[Ray Brown]

Hi all,

thanks to Somersoft, a real estate boom and a bit of risk taking, our PPOR is debt free.

Thing is.....I've fallen for a very pricey block in a great position. This is were we will build or our new (slightly smaller) PPOR.

Wait a minute. Am I completely nuts? I will be back in the bad-debt again to the tune of about $200,000 after the sale of current PPOR and the building of a new one.

I suspect this is buying with the heart - not the head.

 

[see_change]

People tend to put more effort into buying PPOR's than most other properties , and given they're living there , often tend to chose nicer, well positioned houses which can do well with capital gains ( assuming you're not buying next to the local waste transfer stations !!! ) . Also that capital gain is TAX FREE.....

We've done well with PPOR's as well , though we have subdivided two of them .

We know several people outside our normal IP friends who have done very well with regular upgrading of their PPOR .

Also, it's nice to live in a nice house and enjoy the fruits of your labour.

370 K expensive ??? I assume you're not from sydney

Cliff

 

[Ray Brown]

370 K expensive ??? I assume you're not from sydney

Cliff

Well, no actually but I hope people from sydney will come up here and think it's cheap when I go to sell in about three years.

Cairns is cheap if you ask me, and under rated. But then I'm not too keen on the old rat race.

Abundant clean water, fresh air and peaceful surroundings are things I appreciate that are not accounted for in big city prices.

Sydney is great for a visit though...

 

[CairnsAgent]

Hi Ray,
Where is the block located?
there are some real cracker parcels of land for sale up here at the moment.

cheers

 

[Nullagine]

I suspect this is buying with the heart - not the head.

You'll have plenty of company.

New England, 40 hectares, $400,000. Droughted clapped out sheep grazing country. Clearing covenanted lifestyle blocks. Never know your luck with a big city slicker surfing into town on a cresting foaming liquidity wave!