Millionaire tips Perth housing boom

[ipinvestor]

Perth house prices could jump 15 per cent this year, says one of Queensland's richest men.

Kevin Young, whose wealth has been estimated at more than $100 million, has tipped two years of double-digit growth in some areas - 15 per cent this year and 22 per cent next year.

Such growth would easily see prices eclipse those at the height of the property boom.

IN THE WEST AUSTRALIAN TODAY: How Perth is reclaiming its nightlife

"It is supply and demand," Mr Young said. "You've got an increase of migration coming into WA and Perth. You haven't had the increase in supply.

"It's been six years and we've been watching the Perth market. Perth is now one of our top property picks in Australia for 2013."


http://au.news.yahoo.com/thewest/a/-/newshome/16054784/millionaire-tips-perth-housing-boom/

Mr Young's investment group, The Property Club, advised members in 2006 to get out of Perth property.

At the weekend, Mr Young took 150 members on a bus tour of Perth real estate, signalling a return to the market.
Perth house prices rose between 2.3 per cent and 6.1 per cent last year, according to figures from the Real Estate Institute of WA and research groups Australian Property Monitors and RP Data.

 

[tambourineman]

Perth house prices could jump 15 per cent this year, says one of Queensland's richest men.

Kevin Young, whose wealth has been estimated at more than $100 million, has tipped two years of double-digit growth in some areas - 15 per cent this year and 22 per cent next year.

Such growth would easily see prices eclipse those at the height of the property boom.

IN THE WEST AUSTRALIAN TODAY: How Perth is reclaiming its nightlife

"It is supply and demand," Mr Young said. "You've got an increase of migration coming into WA and Perth. You haven't had the increase in supply.

"It's been six years and we've been watching the Perth market. Perth is now one of our top property picks in Australia for 2013."


http://au.news.yahoo.com/thewest/a/-/newshome/16054784/millionaire-tips-perth-housing-boom/

Mr Young's investment group, The Property Club, advised members in 2006 to get out of Perth property.

At the weekend, Mr Young took 150 members on a bus tour of Perth real estate, signalling a return to the market.
Perth house prices rose between 2.3 per cent and 6.1 per cent last year, according to figures from the Real Estate Institute of WA and research groups Australian Property Monitors and RP Data.

ah yes, and why would a guy who runs a property investment club want to spruik the market

 

[Rixter]

ah yes, and why would a guy who runs a property investment club want to spruik the market

I doubt its for money... he has that already. Maybe he wants to help others who dont to also get some?

 

[geoffw]

Does he have the Property Club as well as the Investors Club?

 

[jim1964]

I doubt its for money... he has that already

Are you serious................he wants more.Enough is never enough.

 

[Rixter]

Are you serious................he wants more.Enough is never enough.

How do you know he wants more? Never enough for what?

 

[buzzlightyear]

So who's advice are we allowed to believe about the property market? The local waiter?

Anyone who gives an even mild bullish comment is commonly criticised in the media and social media world as property spruikers, rampers and all degrees of conflict of interest.

The same rules and reactions dont seem to apply to the world of shares, managed investments and bonds....

 

[tambourineman]

So who's advice are we allowed to believe about the property market? The local waiter?

Anyone who gives an even mild bullish comment is commonly criticised in the media and social media world as property spruikers, rampers and all degrees of conflict of interest.

The same rules and reactions dont seem to apply to the world of shares, managed investments and bonds....

Yes they are. But seriously why wouldn't you be sceptical - on what basis does he make this claim? And he drove a bus of investors around Perth, I suppose he bank rolled that for charity?

 

[Truly Exotic]

So who's advice are we allowed to believe about the property market? The local waiter?

of course its your parents!!!! and any other relative!! the less property they have, the more knowledgable they are, especially those that have a total of ZERO properties

 

[INVSTOR]

You just need to pick a few new properties for sale under $600000 and watch how quickly they go under offer. Or look up how many properties aren't under offer.

 

[zed_kid]

So who's advice are we allowed to believe about the property market? The local waiter?

Anyone who gives an even mild bullish comment is commonly criticised in the media and social media world as property spruikers, rampers and all degrees of conflict of interest.

The same rules and reactions dont seem to apply to the world of shares, managed investments and bonds....

This is such a good point. Why doesn’t the barefoot investor (or some other tool with an equally I don’t give 2 ***** name) get run out of town with pitchforks and torches when he recommends a 2c share as buy now or miss out forever opportunity?

 

[MTR]

You just need to pick a few new properties for sale under $600000 and watch how quickly they go under offer. Or look up how many properties aren't under offer.

That's right Let the good times begin.

I have a nice little property that I will be offloading shortly, hope that bus full of investors ends up in Mandurah

 

[MTR]

So who's advice are we allowed to believe about the property market? The local waiter?

Anyone who gives an even mild bullish comment is commonly criticised in the media and social media world as property spruikers, rampers and all degrees of conflict of interest.

The same rules and reactions dont seem to apply to the world of shares, managed investments and bonds....

I certainly would not believe anyone.

I have been tracking a number of areas in Perth metro, I then check out realestate.com and everything that is priced correctly is moving very quickly and prices are also moving north, reminds me a little of Melb in the early stages of the last boom I think that was 2008.

Cheer, MTR

 

[NDH]

Can only comment on the areas I have been looking in and it was gang busters on Saturday in Scarborough and doubleview in the 600-650 range. The agents only had 45 min opens which didnt help if you wanted to view but certainly helped create the sense of urgency!

Me still thinks the Qld Millionaire bought a lot of Perth property last year and is now looking to cash in, not saying he wont try to help others make some $$$ along the way but I sincerely doubt he is doing this out of the goodness of his heart.

 

[kero]

something is missing from the one i saw in the papers.

there is a bit in there that says that he advised people who has investment properties in perth to sell in 2006.

 

[MTR]

something is missing from the one i saw in the papers.

there is a bit in there that says that he advised people who has investment properties in perth to sell in 2006.

Actually that was good advice because the market peaked Dec 2006 early 2007. THose who rode the boom would have made a tidy profit if they pulled the pin when it peaked.

 

[Aaron Sice]

Actually that was good advice because the market peaked Dec 2006 early 2007. THose who rode the boom would have made a tidy profit if they pulled the pin when it peaked.

i would have thought he obvious indicator was people paying over and above the already cheeky asking price, and the vendor telling themselves "it's not worth that much...?"

 

[attrill]

If I was a multimillionaire that had recently bought a few properties in Perth, I would be telling anyone who is prepared to listen that I reckon the market is just about to take off.

I also reckon the market in 25 year old Toyota landcruisers is about to go through the roof....

 

[Brady]

Pretty sure he wouldn't of purchased in the market if he didn't think the market was going anywhere.

 

[Aaron Sice]

If I was a multimillionaire that had recently bought a few properties in Perth, I would be telling anyone who is prepared to listen that I reckon the market is just about to take off.

I also reckon the market in 25 year old Toyota landcruisers is about to go through the roof....

smells like Matusik / Yardney and Melbourne.