Good deals "Falling out of the sky"

[yeslist]

Hi All
I don't care what anyone says. The good value deals are still out there. It just takes a keen eye and sound fundamentals.
For example. Over the last two weekends in the Woden valley Weston creek area of the ACT(Yes, where the recent Bushfires have pushed values through the roof) I have found two properties with sound fundamentals and great potential for value adding and increasing yields.
The properties where both sold quickly at the price the vendor was asking. Both wher less than 2.5 times the current council land value (most of the market is in excess of 3 times) in these areas. Both properties where in the private forsale adds.
The deals are still out there.
Y
PS you get good at whatever you practice.

 

[geoffw]

Yeslist,

Are you saying the bushfire area is overheated (so to speak)? What's your long term view on the area? What suggestion for a victim who doesn't know whether to sell or build?

You sound as if you know a lot about the area.

 

[yeslist]

Hi Geoff
I don't hold long term views. I am more reactionary to the market.
That is I believe that the market is constantly moving one way or the other but has a tendancy to move up in the long term.
As for the Bush fire victims and what they should do. I believe that most of them are not investors and will probably do whatever their nieghbour or their hairdressor or family tell them. I have and will tell them to educate themselves so that they will come out of this ahead and not behind. But they will probably do what they know and feel safe in.
Y

 

[Jas]

I saw tenants last weekend looking because they've been evited from their house.

The owners of that had their own PPOR burnt down, so they're moving into the IP.

It's a merry-go-round.

Jas

 

[Kevmeister]

Originally posted by Jas
I saw tenants last weekend looking because they've been evited from their house.

So does that mean they were on a month-to-month arrangement (ie. no lease). My point is that sometimes tenants feel "locked in" to a lease but it can also work the other way (ie. to protect them from getting asked to leave when they don't expect it).

 

[Jas]

I don't know, I didn't ask.

I vaguely recall a two week evication clause in the ACT for a family emergency. Geoff, you got the rental book handy?

Jas

 

[geoffw]

Originally posted by Jas
I don't know, I didn't ask.

I vaguely recall a two week evication clause in the ACT for a family emergency. Geoff, you got the rental book handy?

Jas

Sorry Jas. I can't even find a copy of the lease agreement with my tenants. I can try to chase it up though, if someone else does not have an answer.

Off the point- Canberra used to have a "Diplomatic" clause in it, which allowed tenants to break leases if they legitimately got a job elsewhere. It was aimed at diplomats who were likely to be posted elsewhere, but was very useful to me as a tenant some years back. That's not in there now, thankfully to me as a landlord.

 

[geoffw]

Jas,

I could not find the rental book at the local bookshop or newsagent today (they hadn't even heard of such an animal), and they had no "standard" leases for sale.

My PM was not aware of such a clause- but then we haven't had a situation like Canberra's for a long time. She did suggest that the tenant should check their own copy of the leases carefully.

 

[Jas]

Here's the link

http://www.fairtrading.act.gov.au/OFT/downloads/Rent Book.1.pdf

It's four weeks for a family emergency, and only for a periodic lease, not a fixed one. I scanned past that last time

Jas

 

[flyfishinginoz]

More information please

Hi,

New to this - have a couple of quick questions -

Based upon your statement:

The properties where both sold quickly at the price the vendor was asking. Both wher less than 2.5 times the current council land value (most of the market is in excess of 3 times) in these areas. Both properties where in the private forsale adds.


Where did you get the information about the current council land value? Ask the seller?

In Canberra, where does one find private for sale ads?

Thanks,

 

[the_duck]

Hi

You can find current ACT land values and recent sales history on the local realestate site: allhomes.com.au

Most local agents seem to list on this site except Independent Group and some minor ones.

Private ads are usually found in the Canberra Times. Some are on allhomes.

Good luck.

 

[geoffw]

To expand on what the_duck says. Private for sale ads are in the Saturday Canberra Times R/E liftout, usually just inside the back page.

Sometimes you can see signs just driving around.

 

[WillG]

Hi Yeslist,

Did you purchase the properties in the Woden area ?

Would they have been in the Chifly/Lyons area ?

 

[yeslist]

Hi Will
The answer is no and no.
Too busy with current work load.
They got snapped up pretty quickly
Y