Oh my. you clearly don't know where to look. I guess your still picking up homes in Sydney for $300K....
Sydney's hot , Vote before you read
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Clearly.. oh wait...
You cannot blanket say that "property doubles every 10 years". Some does, the bulk doesnt. If property doubled every 10 years since the 2nd world war, you would be paying tens of millions for a suburban house.
Yesterday
One of my Colleagues asked me if I thought a 4 bedroom house in Smiths lake for 350 was good .I asked was it waterfront but it wasn't ......
Smith Lake would be close to 3 hours north of Sydney . I do know the area having camped at Sandbar many times ( really nice spot ) and before the last boom you could buy non water front blocks in Smiths lake between 20-50 k
I look at Real estate where ever I go and the family know not to ask me to move on from the windows .
We seriously looked a one acre waterfront block on smiths lake about seven years ago when we were looking what to buy after rocky , maybe a nice life style reward . They were asking around 400 K but as the market was hot we decided not too . There were various council conditions which were unusual , eg having to pay for road maintenance ........
I suggested some places that were closer to Sydney and he could look at unless he really wanted a place there . For him it was a place on a map.
Cliff
One of my Colleagues asked me if I thought a 4 bedroom house in Smiths lake for 350 was good .I asked was it waterfront but it wasn't ......
Smith Lake would be close to 3 hours north of Sydney . I do know the area having camped at Sandbar many times ( really nice spot ) and before the last boom you could buy non water front blocks in Smiths lake between 20-50 k
I look at Real estate where ever I go and the family know not to ask me to move on from the windows .
We seriously looked a one acre waterfront block on smiths lake about seven years ago when we were looking what to buy after rocky , maybe a nice life style reward . They were asking around 400 K but as the market was hot we decided not too . There were various council conditions which were unusual , eg having to pay for road maintenance ........
I suggested some places that were closer to Sydney and he could look at unless he really wanted a place there . For him it was a place on a map.
Cliff
If you had wanted it, or had the imagination to see it, the knowledge (and guidance) was always there. The books, experienced people, etc have been around for along time. As we know, experienced people are usually very happy to share knowledge, if only because so few people ask (and actually do something about it).
Buying your own home isn't investing, partly because there's no little scaleability.
I'm not trying to be offensive, I'm just saying the most important thing is desire and imagination. The practical side of it is actually fairly straightforward. Having a guide doesn't make automatically help, nor does NOT having a guide hinder you. Fact is, the knowledge and guides are all around us, IF you want it.
To put it another way, it's NOT easier for your kids just because they have parents to 'guide' them. And it's NOT harder because you didn't have a guide.
do some maths before you type , please ....
One example I know of
Purchase Price 25 in 70
Doubling would give you
50 in 80
100 in 90
200 in 2000
400 in 2010
800 in 2020
1.6 in 2030 ( this is not tens of millions
) So , if you're going to enter a debate and be taken seriously , please don't make blatantly obvious basic mathematical errors .
Going back would given you
12.5 in 1960
6 in 1950
and around 3 in 1940.
I don't have the prices for 40-60 but I'd guess that would be around the mark.
So how far out are you ?
So lets take the prices I do know.
25 in 1970
and no , not 400 in 2010 or 1.6 in 2030 .
1.5 in 2010
I have seem similar figures on pretty well every property I have looked at in the past . When I was buying in the early 2000's a friend gave me access to their qvas date and I saw this sort of long term growth every I looked .
Cliff
Fine, tens of millions is an exaggeration. Even so blanket statements like the 10 year thing are dangerous as they do not apply to every market in Sydney (or Australia).
For every example of a property that doubled in 10 years there is one that didnt.
A real world example is my former PPOR on sydneys north shore.. bought for 380k and sold about 10 years later not long ago for $500k.
But as you clearly have all the answers and a monopoly on being correct I will leave you to your thread.
For every example of a property that doubled in 10 years there is one that didnt.
A real world example is my former PPOR on sydneys north shore.. bought for 380k and sold about 10 years later not long ago for $500k.
But as you clearly have all the answers and a monopoly on being correct I will leave you to your thread.
Totally disagree. Watching a successful role model will make someone much more aware of what is possible than not having that role model. Obviously it's not essential.
My daughter at 24 is looking to buy her first property ( late my forum standards but not uncommon in the community ) this is an investment property ( uncommon at that age - this forum is an unusual ).
Most of her friends are buying cars and having OS holidays.
She has only one friend ( as far as I am aware ) who has bought a property at this stage . Her parents are about the only outside friends we talk to about property investing . They have timed their moves in their PPOR's overt the 20 years we have known them with perfection. Three times they have bought a new PPOR at the start of a move and sold their previous place once the market got hot . I mentioned them in another post recently . They bought the upmarket waterfront property about a year ago and are now selling their cheaper PPOR ( 2 mill ) at a time when that segment is hot . They bought the lifestyle property up the coast about 2-3 years ago when the market was dead . They have been buying good IP's in Sydney over recent year while that market was depressed. I am certain that they talked to their daughter about when the best time to buy her first property was.
Cliff
Timing is critical . I have often quote the example of our first PPOR which went no where for seven years . We bought at the peak and sold at the trough .
In the example you quote in my opinion is exactly the same . Ten years ago was the peak of the market . Recent was not.
My observation ( also frequently mentioned on the forum ) was that the last cycle was around 13 - 14 years. If that was correct , then I would expect a house on the north shore for 380 to double over the next 13-14 years to around 760 . so that would require it to go up from 550 to 780 in the next 4 years . Given the current market I wouldn't be surprised if it's noticeably closer . If you look at my simplistic progression posted before , a ten year doubling would be conservative and there were many people saying what you are saying now ten years ago .
BTW I'd love to know the details of a house that recently sold on the North Shore for 500 K . Which suburb ? I'd be interested in looking there . I'm not pulling you're leg . pm me if you don't want to post details.
I do make mistakes . I even said so earlier today on the forum . Luckily most of my mistakes have been by not doing the right things , rather than doing the wrong thing .
I also try to learn from my mistakes , eg getting the timing wrong with our first PPOR that's why I pay so much attention to timing.
There's a quote along the lines of " you're going to make mistakes , just don't make the same mistake twice "
Please continue with debate . It's important for people on this forum to hear all side of the debate . I'm not wanting to shout down other people , but I will point out factual errors ad nausea . Ask Mark B and anyone who was around in the last boom .
Cliff
It was a 2br apartment in Killara, that was caught in the downwards price pressures of the gluts of new apartment developments in Ku-ring-gai council built for the downsizers that never ended up downsizing.
Here's a timeline of our first IP in Western Sydney
5/2001 Sold $177K
10/2002 Sold $235K
2/2007 We bought it for $225K
CMV $320K-$335K. A little hard to gauge as there's little stock available and only 2 other properties in the suburb sub $400K.
I'm expecting to see high $300K in the next year or two. If only I had bought more.
5/2001 Sold $177K
10/2002 Sold $235K
2/2007 We bought it for $225K
CMV $320K-$335K. A little hard to gauge as there's little stock available and only 2 other properties in the suburb sub $400K.
I'm expecting to see high $300K in the next year or two. If only I had bought more.
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2770 area? Its going well.... I bought one at the start of the year (3br ex DOH fibro) for $30k less than it last traded for in 2004. It had a good mini boom back then.
A two bedroom house in Killara is not a house last time I looked .
Every time I post on this forum I try to make sure that every figure I quote is to the best of my knowledge correct . You might disagree with my conclusions , but I'll be surprised if you catch a factual error in my posts .
It's easy to spot lies and it undermines credibility.
BTW , with the market picking up , people who are looking to down size will see a good price for their house ( finally ) , sell , and buy those units . Also when the parents divorce after the kids leave school ( we know many people in that category ) the family house is sold and the parents then down size to a unit , so one house sold , two units bought .
Personally I wouldn't buy one on the highway , but we have looked at the units behind the station at Lindfield ( very nice ) , The Mirvac development down there and the current spate of units going up in Wahroonga shops and east side turramurra. We thought about down sizing to one of these , but decided we would downsize to a smaller house which we bought recently and are about rent out , once the handy man stops finding things that need fixing......
Cliff
.... sigh .... son just told me it's easy to get addicted to the internet . Was he talking about me ....
2763 Quakers Hill.
I dont recall mentioning my former PPOR was a house. You may have assumed that, but that does not make me a liar.
Opps . See . I do make mistakes .
I apologize .
A timely reminder to me to question assumptions I make
Cliff
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I've seen quite a number of friends who are heirs to multi-million dollar businesses throw it away.
First knowing something is possible doesn't make you want to want it more. I knew very little, but what I did know/was taught by family didn't stack up, so I've been looking for alternatives.
I'm having dinner with a possible mentor I met last week (mate's dad, never met him, didn't know he was a big business owner). I'm mates with his son, who is mid 20's and still struggles to get out of bed before 10am.
Not saying he won't be successful later in life, just it is a common pattern amongst the friends who had everything handed to them on a silver-platter.
Where I do agree with you, is the rare ones who do want it... now they are quick to rise up and take advantage of all the info and assets at their disposal.
Agree ngh
It's certainly not a guarantee . But at least they have an easier opportuni if they chose to go that way.
Cliff
It's certainly not a guarantee . But at least they have an easier opportuni if they chose to go that way.
Cliff
Agree to an extent. The ones I know who want to do business and not just play rich kid actually have to put together business plans and proposals. (Deltaberry may have something more to add to this).
They have access to mentors, but interestingly this guy I'm having dinner with, when we met, we were discussing the law of attraction. And how if you want something, you go out and get it (amusingly using getting a kebab as an example).
SO... I suppose I agree it helps to be close to a successful person to start, but it isn't much different to meet one if you want it bad enough.
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