today in SMH - Are all your friends talking property

[Nem]

Unfortunately few of my colleagues at work are trying to buy, OTP or anything else asap as prices are raising every day... tried to tell them to wait but I'm not expert and how would I know anything about it

Most of my friends are living in half paid off homes in Sydney but not interested in investment properties, cause they think they don't have enough money for it

So again, reminds me how happy I am to have Somersoft friends Cant wait for July meet up!

 

[skater]

There is a young girl that works with Hubby. Apparently her mother has been applying pressure for her to buy her first property. She told her mother that now is not the time to buy, especially in Sydney. Her mother asked her what gave her that idea, and she said that Hubby had. Mother then said 'What would he know?" The girl told the mother what she knew about our portfolio. Mother changed her mind.

So, it just goes to show that some of them listen and are teachable.

 

[MsAli]

I have a colleague who has bought 1 established property around C.ampsie. After that I believe 2 OTP units in Macquarie Park and Green Square (not yet complete). He just signed up for another one - a unit in Wahroonga. Most of these OTP properties are 1 bed and he's a fan of those. I told him to ask the 'advisor' what he's paid per transaction. He forgot to ask. And whenever I said to him, this was scary, he said 'yeh it's a risk, I'm willing to take'..and negative gearing helps. He even tried to convince another colleague that he was doing this so he can buy his home...

I'm concerned for him, especially because he doesn't realise what he's getting into....

Makes me realise it's better that more of SS people go into the property business and work with integrity to help reduce these spruikers burning people's life savings. I guess it's also people - why do they end up making such decisions?

By the way, this person doesn't know the details/numbers of our portfolio.

 

[2FAST4U]

I'm concerned for him, especially because he doesn't realise what he's getting into....

People are free to make their own choices. If he ends up getting burnt that's his own problem for not doing his research/being greedy. You can't just play the game and than walk away with the ball as soon as you start losing.

 

[virgo]

Yep they are!

Hiya

I know we are nearing silliness levels in Sydney when a school mother whom i haven't seen in a year zooms right to me at Maccas last week and starts talking about property...how she has "made" 500K from her purchase 2 years ago blah blah blah....

I gently reminded her that if that is her only house, how has she made the money? Does it cause her mortgage payments to reduce? Will she sell and buy another one? What about her kids? Can they afford Sydney? That caused her to do a double take