How do you get that dream beachside property????

A good friend of mine who is loaded and has a holiday house in St Leonards recently told me that Indented Heads is a gold mine, whereas St Leonards and Port Arlington have already gone up.....

went for a weekend away near by, and decided to take a drive through.. found quite right on the beach side properties for sale, but they are already asking $750k price range!!!!! WOW!:mad:
 
Beach house now or later?

Its personal choice. Many people are saying invest, wait, invest wait and then buy your dream beach house. In theory great however I am here today and my kids are here today, this may not be the case tomorrow. I am not saying be silly and buy everything for today but a house you live in for lifestyle is a life experience which cannot be replaced by money alone. If you have the money buy near the beach then use the equity in this to buy your investments. If the loan for your PPOR near the beach is too big it is bad debt so you probably shouldnt live there. If the only means to get there is to invest and wait great but if its within reach go for it.
 
BlueEyes said:
Its personal choice. Many people are saying invest, wait, invest wait and then buy your dream beach house. In theory great however I am here today and my kids are here today, this may not be the case tomorrow. I am not saying be silly and buy everything for today but a house you live in for lifestyle is a life experience which cannot be replaced by money alone. If you have the money buy near the beach then use the equity in this to buy your investments. If the loan for your PPOR near the beach is too big it is bad debt so you probably shouldnt live there. If the only means to get there is to invest and wait great but if its within reach go for it.
Click to expand...

I think this is pretty correct.

A PPoR is a totally different emotional frame of mind to an IP.

But, a PPoR is still a good place to put some of your money - I'd rather be outlaying a couple of hundred a week on a PPoR than a flash new car that I can't really afford.

We've always bitten off a bit more than we could chew with houses we've bought and spent bugger-all on cars; it pays off eventually. Pity the lifestyle suffers in the short term! :rolleyes:

If I have the wherewithall to buy a beach-front PPoR, then I'm gunna do it (we did it in 2000) - especially now while the prices are attractive in many areas.

They will no doubt go back up, and the increasing equity will be there to fund an IP or two. ;)
 
ok, its no beachfront place, but our first unit is to show you can still get the beach view for under 300,00 in aspendale. we bought this unit (with this private balcony) for 275,000 in december.

I think for the extra $1m at least to be 4 doors closer to the water, id rather invest that $$ and get closer to retirement, and use that spare time to walk down to the beach :)
 
allblack said:
I'm looking at a block at the moment to build my PPOR which is 5 houses up from the beach in Jindalee north of Perth. Price is 385k for an elevated level retained 669 square metre block. I estimate this price is down by at least 200k on what it would have been for sale for 12 months ago. Same blocks in Burns Beach a similar development about 5km south are 700k plus. We did not dream we could build a PPOR in such a position for a few years in the future but due to the down turn in the economy this opportunity has arisen. It's just a question of getting all the negative thoughts out of my head and doing it!.

http://www.thewest.com.au/default.aspx?MenuID=3&ContentID=121772
Click to expand...

Just an update. Bought the block for 380k a year ago. Neighbour now has same size block on the market for 650-700k. While this may be a bit optimistic I believe true value is 550-600k so still a gain of 170-220k in 12 months. The GFC was not all bad!.
 
Fudge said:
OK Ausprop, I will raise you.

This one is just up the road (and around the corner) from me.

http://www.millionplus.com.au/property/25-millgrove-place-buderim-236

In 2006, some guys bought the property, and demolished a very old workmans cottage that had 4 acres on the side of the hill. They bought it for $3.3M.

After building the new pad on there, it sold last year for $6.5M.

It has a land valuation of $1.15M

It has set a new sales record for Buderim.

F
Click to expand...

gees, real speculaton going on here. i saw a property on relocation austalia in buderim for about $1m, looked like great value!
 
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Great thread - really have been soaking it all in as hubby and I have been looking at "dream PPORs". Probably not the best thing to be looking at, given that we are still in the accumulating phase, but one can dream on, can't we? :D

Here is an example of our dream house in Sydney
http://www.domain.com.au/Property/For-Sale/House/NSW/Malabar/?adid=2008473517

Sold for $1.1m a year ago, not sure why it's selling again so soon.

MichaelW said:
The point is that you need to build wealth. Fullstop. Getting that dream property early may not maximise your wealth creation options.
Click to expand...

Absolutely - we could sell our PPOR and 2 IPs just to purchase the above dream property but we'd be then be left with 1 PPOR and 0 IPs... hardly a wealth creating vehicle. In fact it may be a wealth destroying purchase since we'd be up to our necks in mortgage repayments with no capacity to buy IPs at all.

We've set ourselves a 10 year plan to accumulate IPs and then trade a couple of IPs in for the dream PPOR.... delayed gratification...
 
Hi Tess,

Sounds like a good plan... It just takes time, and might take a little longer than usual given the current macro economic environment, but then again it might sneak up on you reqlly quickly. Patience...

Interesting house. Do you really want 5-6 bedrooms though! :eek: :)

Cheers,
Michael
 
I know....... think of the cleaning!! I already have trouble maintaining a house that's 1/3 to 1/2 of that size!!!

I just love houses with interesting floor plans though, and lots of dedicated rooms for things eg. home office, library, etc. etc. And 5 bedrooms is not that much if one has, say, 3 kidlets...

Definitely patience is the keyword here! I knew hubby and I shouldn't have started looking at property p*rn when we are so early on in our PI journey :D
 
tess85 said:
We've set ourselves a 10 year plan to accumulate IPs and then trade a couple of IPs in for the dream PPOR.... delayed gratification...
Click to expand...

In 10 years time, you may need more than 2 IP's to pay it off.

On the other hand, You could move into it now, and enjoy it for the next 10 years with your family growing up. (and then as property appreciates, take equity out and start again)??

Depends how bad you want your dream place.

I know that my dream place will appreciate in value a hell of alot more than the average house in the burbs. I am toying with this idea, as I realise that you don't get any younger, and I would be much happier living in a dream house than living where I currently reside.....(and still, whichever house I am in....would be working my butt off anyway)

I will make a decision within the next year I think which way I will go, as I know for a fact my family would be much better in the dream house / location sooner than later. The good thing about this, is that even though you might be starting your IP portfolio again by moving into dream house, you already know how to play the game, and your success should come alot quicker than the first time around.

Here is my dream house.....it it is just around the street from where I live.

http://www.platinumhd.tv/video.php?sc=a380662052

or maybe this one as a close second....

http://www.platinumhd.tv/video.php?sc=2ac009ab41



F
 
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We have bought crappy old house on 1100sqm of land - absolute waterfront, at land value.
Currently the area is as sleepy a settlement as you can get in SEQ but there is lots of development going on. Its not far enough up the coast to have surf waves but seeing as I don't surf, I don't mind. Renting it out for LOTS less than the mortgage but decided to buy for the following reasons
1. Undeveloped house and desperate seller so price great
2. Could subdivide / strata duplex at some point
3. could afford to! - I have a feeling this area will go up a lot over the next 10-15 years and I might not be able to buy later
4. Great potential for a redevelop when we give up the rat race

It has been by far my most expensive IP but as the next door block with an even crappier house on it sold for 100k more 3 months after I bought and all the old houses are being sold, demolished and redeveloped I think I am on to a winner, and if not - bugger it, I'll live in it and watch the weather over the sea and take the dog for a walk on the beach.

Happy days
 
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