A celebration and a warning!

[Liberator]

Well this week has taken an unexpected turn - this afternoon we have exchanged contracts on an IP I first saw in person on Monday afternoon, and my partner first saw yesterday morning. After ten long months of looking - and effectively having given up on finding anything this year - we ended up taking just 48 hours to actually buy "The One". It was a rather busy 48 hours of negotiations, organising an after-hours B&P, documents, calls back & forth with solicitor, etc etc... but happily done and dusted at long last. I am still rather surprised at this - we certainly did not start the week expecting anything of the sort!

However, while I am obviously very happy with this outcome, I need to give a warning to Somersoftians that based on our previous purchase history (sample size = 1) the local property market is about to flatline for a few years. Basically, we bought our PPOR at the end of 2002, after ten months of looking, during which time prices just kept going up, but as soon as we bought, things just started stagnating. Fingers crossed that this doesn't happen again...

I also just wanted to say thanks for all the helpful advice and feedback I've had from SS forumites - great info both from reading threads by others and in direct response to my posts, and also in person or over the phone. You're all gems!

 

[travelbug]

Congrats on your purchase. The first is always the most exciting and the most difficult. It often happens like that, the right one just turns up.

I truly hope you don't have a repeat of your last purchase. But 2002 was nearing the end of a boom so quite predictable.

Onward and upward. Now to start searching for the next one.

 

[mikezen]

Why did it take you so long to find something? We're u looking in Sydney? Hot market?

Mike

 

[datto]

can't see the property market flatlining .....not for a while yet anyway....could be another interst rate cut coming...that won't help the flatline theory I don't think.

 

[devank]

The first is always the most exciting and the most difficult. It often happens like that, the right one just turns up.

To me it is the other way around. The more I learn... I'm more hesitant to buy

 

[Liberator]

Congrats on your purchase. The first is always the most exciting and the most difficult. It often happens like that, the right one just turns up.

I truly hope you don't have a repeat of your last purchase. But 2002 was nearing the end of a boom so quite predictable.

Onward and upward. Now to start searching for the next one.

Thank you travelbug! Yes, along the way this year we felt like we kept on missing the boat, but each time we kept getting exactly that advice: "the right one just turns up".

Back in 2002, we didn't have much of an idea about the cycles, all we could see was that things were getting more and more expensive!! But if we were looking now, in the situation we were in then, we certainly wouldn't be able to afford our current home so I am just incredibly grateful that we are here and very happily settled with no plans to move for a long long time. That also helped with the time frame taking a while for the IP purchase this year, we were able to go 'oh well at least we aren't looking for somewhere to move to ourselves'...

As for the next one... gulp!! I think we'll just enjoy being able to make other plans for Saturdays for a little while now...

 

[Liberator]

Why did it take you so long to find something? We're u looking in Sydney? Hot market?

Mike

Inner West Sydney. I think we were also very specific about what we wanted - 2-1-1, low maintenance garden, no renovation required, max 10 minute walk to station. Then, when we found one that both of us liked, one of two things would happen: either our lawyer would warn us off it for one reason or another (eg lack of cross easements/potential loss of access to rear parking/unapproved structures) or the place would just go for a ridiculously high price.

 

[Liberator]

can't see the property market flatlining .....not for a while yet anyway....could be another interst rate cut coming...that won't help the flatline theory I don't think.

Believe me I will be very happy indeed if I can revisit this thread in a year and celebrate a still-rising market!

 

[Liberator]

To me it is the other way around. The more I learn... I'm more hesitant to buy

Gee I hope it doesn't affect me like that! I know I want a breather after this experience (and also of course will need to build up another deposit etc!!) but I sure hope it doesn't get harder and harder!!

 

[mikezen]

Inner West Sydney. I think we were also very specific about what we wanted - 2-1-1, low maintenance garden, no renovation required, max 10 minute walk to station. Then, when we found one that both of us liked, one of two things would happen: either our lawyer would warn us off it for one reason or another (eg lack of cross easements/potential loss of access to rear parking/unapproved structures) or the place would just go for a ridiculously high price.

Yes must of been tough with that criteria in that market, congrats anyways

 

[skater]

Gee I hope it doesn't affect me like that! I know I want a breather after this experience (and also of course will need to build up another deposit etc!!) but I sure hope it doesn't get harder and harder!!

Take a breather? Sheesh! We tend to go on buying sprees. Nothing for a while, then two or three all at once.

 

[datto]

time will tell

Believe me I will be very happy indeed if I can revisit this thread in a year and celebrate a still-rising market!

well Lib, its a date then...19 December 2014....you may well be surprised!

 

[Liberator]

Take a breather? Sheesh! We tend to go on buying sprees. Nothing for a while, then two or three all at once.

Eeeeek after the stress we've had with organising our mortgages I really don't want to go through that again in a short time frame. (Although I guess we'd hopefully have learnt from this experience and it would all be smoother next time?!? But you can't ever really get away from paperwork hassles...)

well Lib, its a date then...19 December 2014....you may well be surprised!

Haha, I've just put a reminder in my calendar... Let's hope there are champagne corks popping! (I'm not a champagne drinker myself but I do love opening the bottles for others!)

 

[travelbug]

Take a breather? Sheesh! We tend to go on buying sprees. Nothing for a while, then two or three all at once.

Haha. I can relate to that. The plan was to buy one a year. As soon as we bought the first one we started looking again. And they just kept turning up.
My husband said I was going crazy. But he kept signing on the dotted line. :

He's not calling me so crazy now that he's just retired.

 

[Liberator]

Haha. I can relate to that. The plan was to buy one a year. As soon as we bought the first one we started looking again. And they just kept turning up.
My husband said I was going crazy. But he kept signing on the dotted line. :

He's not calling me so crazy now that he's just retired.

Congratulations on the milestone achievement!

After some delays with the vendors postponing settlement, I'm glad to report that it all proceeded last week and tenants have already moved in (after offering above the quoted rent - that to be honest I already had thought was a pretty steep ask!! All I can say is I'm very glad not to be trying to find a place to rent right now!!)
I was a bit surprised at how many phone calls were needed on the day of settlement but it all went ahead and that's the main thing. Done and dusted - until we decide to go through it all again sometime! I even had a squizz online at some places today... but I think we'll just savour having Saturdays free for a while yet...