I Can't Believe It

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From: G Chaggar


I've been in the market for an IP for some time now, and have been going to auctions as part of my research. Last weekend, a property sold in blackburn(melb)for $300,500

That is not unusual for Blackburn, but a strata title villa unit, on main road, in blackburn south for that much. Considering that a fully refurbished house with 750 sq.m land sold for $295K in a much better location in blackburn nth.I am starting to think it is almost impossible to find a bargain at auction these days.

I need some encouragement from people who have been able to find these so called bargains in todays market.

thanks in advance

Gurbinder
 
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The Market's crazy!

Reply: 1
From: Susan Jones


I tend to agree with you. We are in the market for our second investment property and it seems like the market has gone mad since we bought six months ago. I'm wondering how long it can last. We've really done our research and each week it seems like properties are going for record prices. It's hard to know what the balance is between not paying too much and missing out on the opportunity. We don't want to be unwise especially since we want to add value and then draw down the equity to do it again.
 
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Reply: 1.1
From: Paul Zagoridis


I've found no bargains in inner east Sydney over the last 2 months.

By "bargain" I mean comparable to the other property I own. There are lots of deals that look good compared to everything else on offer. But don't stack up when compared to my normal buying criteria.

That doesn't mean they're not out there, just that it may be a better time to sit out and wait for easier pickings.

Paul Zag
Dreamspinner
 
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Reply: 1.1.1
From: Mark Dugmore


Hi all,

My first time on the forum but looking for my second IP. Brisbane is the same frenzied place. I went to look at a property this morning knowing that I was first to view the property.

When I met the agent, she advised me that the property was already under contract from the previous night after an investor drove past and submitted without even looking inside.

Outrageous!

Cheers,
MAD
 
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Reply: 1.1.1.1
From: Robert Forward


I love a market like that.

Mainly cause after a boom comes a what????


A Bust....


Then it will be real investing time again.

Yipee.

But that is my thoughts and I'm just me, not an advisor by any means. So do your own due diligence ok.

Cheers
Robert
 
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Reply: 1.1.1.1.1
From: Michael Yardney


I have invested in property for almost thirty years and these times are reminiscent of the end of other booms. These are good times to sell (if you are a developer like me) but not very good times to buy.
After every boom comes a bust and you NEVER see it coming until it is too late. Remember the internet stocks last year?
If you can't find a bargain, or at least a good buy, hold on to your money til next year because every boom has been followed by a bust....which is followed by a boom again!
Wealth is the transfer of money from the impatient to the patient
Michael Yardney
Metropole Properties
 
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Reply: 1.1.1.1.1.1
From: Rob Millington


Any comments on Adelaide......(Be nice!)
Ive been looking around for my 1st IP over recent times, applying much of the sound info from this forum to the numbers on each property. I was beginning to think I was missing something.

Regards, Rob.M
 
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Reply: 1.1.1.1.1.1.1
From: Juzz O'K


Rob M,
Sorry to disillusion you but do some
capital growth checks in every suburb
of adelaide. Not that the info's to
reliable. I'm looking in last months
Aust. Prop investor Mag.
I'm quite surprised actually.
There are some area's that may be worth
looking into.ie Walkerville?? 27% increase,
Happy vally/Willung 3 16%.
Not enough sales though in some area's for
reliable info. Plus I dont know the area
or market well enough.
Personally I wouldn't invest there.
#1. Growth rates are actually declining.
#2. Dont know the market
#3. Have never done any DD there(Except
for glance just then)

But I suppose If you do your research
it looks like substantial gains are possible.

Best of Luck.

Juzz
 
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Reply: 1.1.1.1.1.1.1.1
From: Juzz O'K


Rob M

With growth rates I meant Population growth rates.
Also, Average median growth rates are extremely low as well.

Juzz
 
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Reply: 1.1.1.1.1.1.1.1.1
From: Glenn S


Where can you get Info on population growth? Free?

Glenn
 
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Reply: 1.1.1.1.1.1.1.1.1.1
From: GoAnna !


It is important to look behind the statistics. Population growth may not indicate pressure of prices and vice versa. In some areas household sizes have shrunk which has put even more pressure on the area. When once 5 houses was enough to house 20 people 10 are now needed. Some areas are attractive and experiencing huge population growth because it is cheap or land is plentiful. This may not translate to growth over time.

Just my thoughts : )

GoAnna !
Why not go out on a limb, that's where all the fruit is. (Mark Twain)
 
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