Ip's doom & gloom in Sydney

From: Bruce Graham

Checking the local rag (Manly Daily), I
notice 10 pages of rentals advertised.
A friend who works at a real estate office in Manly claims his office has 54 lettings on the books.For every property let, another two come on the books.
When i mentioned this to another property
investor, he said the same is happening at
Liverpool (N.S.W).
The Manly estate agent also said that units
off the plan are selling like hot cakes, can't get enough of them. All to investors,
mostly from overseas.
In one large and expensive block of apartments right on Manly beach,the owners
are filling apts with backpackers. Four to a
one bedroom unit.Over a dozen units filled
this way.
Is now the time to give ip's a miss for awhile?
Shame, I'm now ready for this years ip
What about Queensland,how are rentals going
in God's country?
Bruce G (Sydney)
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Reply: 1
From: Diane -

Hi Bruce
I have heard units in Liverpool are over supplied at the moment however from personal experience have not had any problem with houses being over supplied in this area, always get tenants within very short time. I must add we have only quality property, no dog boxes which I would imagine are always hard to let to decent tenants. Just my experience.
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From: Jay Hunter

I also spoke with a real estate agent in Many today and some landlord are starting to get a little concerned: their property being vacant... this combined with the banks starting to pull back the joystick on interest. rates... I think I'll wait and watch for a bit.

If your wanting the market to fall over... you should wait until I buy something! It worked for the stock market :).

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From: Owen .

Here's a little quote from my Collins desk calendar from April 30 that fits this situation.

"A study of economics usually reveals that the best time to buy anything is last year - Marty Allen"

When people say that they are going to wait until the market gets better/worse/slower/faster before buying, I always ask them "So tell me when in the next 30 years is to be the best time to buy?".

Just take some action.
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