Was having a discussion in the coffee lounge and wanted to see if people had IPs back then...
When did you buy your first IP?
- Thread starter HandyAndy888
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Your poll results will be skewed to the 90's/00's due to the age of so many of the posters. Will that really let you know whether many people were property investors back in the 70's?
What if 9 out of 10 of people aged 60+ did invest in the 1970's - your poll won't mean much as the vast percentage of results will still be in the 00's.
What if 9 out of 10 of people aged 60+ did invest in the 1970's - your poll won't mean much as the vast percentage of results will still be in the 00's.
Poll should simply say, at what AGE did you buy your first IP!! much simpler
Actually, I guess using anectodal evidence I knew of plenty at the time as well. Throughout the 80/90's when I was growing up - plenty of vacant blocks next to houses.
All owned by old Italian men who bought up neigbouring blocks at the time near their houses (or I guess probably bought mutiple blocks and buil a house for themselves on one) - some empty, some growing vegetables. Plenty are still there today, although noticed a few have been built on now. Also saw it on much larger scale ie. few acres and more.
These would have been puchased in the 60's, possibly before.
All owned by old Italian men who bought up neigbouring blocks at the time near their houses (or I guess probably bought mutiple blocks and buil a house for themselves on one) - some empty, some growing vegetables. Plenty are still there today, although noticed a few have been built on now. Also saw it on much larger scale ie. few acres and more.
These would have been puchased in the 60's, possibly before.
What is it with Italians and blocks of land?
A few years ago we spotted a fantastic block down here in Dromana. Sensational bay, heads and city views, northerly aspect etc.
Found out who owned it - an old Italian guy - has owned it for about 35 years, and never built on it.
We called him up and asked if he wanted to sell it, we were very interested etc.
He said no.
What's the point of holding a block for that long, doing nothing with it and keeping it until you're over 80 years old?
Most of them would've arrived during the 50's and started purchasing during the 60's.
Originating from small farming towns, it was very easy for them to buy a few acres to grow veggies and keep a few chickens, cattle, pigs goats etc.
It was no different in Sydney.
At that time Stratfield (Sydney) was the boondocks lol.
And Balmain the industrial wasteland & dump.
Many moved out west & SW as land was cheap and pretty much bushland.
For all of them saving to buy a house was top priority.
Many who would by in the 50's would then rent to new comers and have 10+ people living in a single house.
The then got cheap for a few years until they had enough for a deposit for their own ppor. Of course the LL had plenty income to buy another IP.
By the time the 70's came, they started buying IP's and or bigger farms.
Bayview you'll find that it is more italian immigrant culture than italian culture, because they had to migrate before they could even contemplate buying it.
They lived through WWII, WWI and fascism.
People literally starved to death during and just after WWII. If you did'nt have a plot of land to grow something, or did'nt have a usable trade, things were very tough.
He'll probly go to the next life with a smile knowing he left with much more than what he came with. That's the dream, and it ain't Australian lol.
Originating from small farming towns, it was very easy for them to buy a few acres to grow veggies and keep a few chickens, cattle, pigs goats etc.
It was no different in Sydney.
At that time Stratfield (Sydney) was the boondocks lol.
And Balmain the industrial wasteland & dump.
Many moved out west & SW as land was cheap and pretty much bushland.
For all of them saving to buy a house was top priority.
Many who would by in the 50's would then rent to new comers and have 10+ people living in a single house.
The then got cheap for a few years until they had enough for a deposit for their own ppor. Of course the LL had plenty income to buy another IP.
By the time the 70's came, they started buying IP's and or bigger farms.
Bayview you'll find that it is more italian immigrant culture than italian culture, because they had to migrate before they could even contemplate buying it.
They lived through WWII, WWI and fascism.
People literally starved to death during and just after WWII. If you did'nt have a plot of land to grow something, or did'nt have a usable trade, things were very tough.
He'll probly go to the next life with a smile knowing he left with much more than what he came with. That's the dream, and it ain't Australian lol.
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Intersting to hear it was the same in Sydney.
Good on 'em I reckon. Plus you're right, I think a lot of it has to do with their mentality as a result of WWII - security above all to provide for their family.
Some of them did it on a very large scale as well. One family I know of have finally subdivided all their market garden land over the last 20yrs - has about 200+ houses on it now. Another old guy has about 4-5 hectares of land half way between the beach and the CBD. Massive land island in the middle of suburbia, nice!
Good on 'em I reckon. Plus you're right, I think a lot of it has to do with their mentality as a result of WWII - security above all to provide for their family.
Some of them did it on a very large scale as well. One family I know of have finally subdivided all their market garden land over the last 20yrs - has about 200+ houses on it now. Another old guy has about 4-5 hectares of land half way between the beach and the CBD. Massive land island in the middle of suburbia, nice!
Yes in the early 80s,
but to give a better answer to your query my grandfather on one side had factories and residential properties available prior to the second world war. Some of these were made available to victims of the 1939 Black Friday Fires. He also added retail shops later on. He would be 106 years old now if he was still here, the sad part is he drank most of it and left buggarall behind.
On the other side, my grandfather also had businesses and had several factories available to rent. These were left to my Mother and her Brother who
squandered it, or lost it through poor investment choices.
but to give a better answer to your query my grandfather on one side had factories and residential properties available prior to the second world war. Some of these were made available to victims of the 1939 Black Friday Fires. He also added retail shops later on. He would be 106 years old now if he was still here, the sad part is he drank most of it and left buggarall behind.
On the other side, my grandfather also had businesses and had several factories available to rent. These were left to my Mother and her Brother who
squandered it, or lost it through poor investment choices.
Steve now you know why I posted that at 14 (maybe before) I was being asked for my opinion on RE and what to do with an IP.
At 18 I was given (told actually lol) an IP to manage, that was self managed at that time.
I only asked one question: "Should I get a PM?"
Since the answer was "Your managing it, you decide." there was no other questions on what to do, I only asked for opinions.
We have a few family friends down there, including that "small" Mitsubishi dealer down there. Would'nt surprise me if the others were known too.
At 18 I was given (told actually lol) an IP to manage, that was self managed at that time.
I only asked one question: "Should I get a PM?"
Since the answer was "Your managing it, you decide." there was no other questions on what to do, I only asked for opinions.
We have a few family friends down there, including that "small" Mitsubishi dealer down there. Would'nt surprise me if the others were known too.
PB, that's what I'm hoping to do with my kids one day. Try and teach them about the stuff schools leave out.
Did you end up getting a PM? My mate and his family self manages all theirs, I couldn't think of anything worse. On the other hand, if it was educational for the kid then maybe not a bad idea to have them learn first hand.
You mean family in Adelaide? You must be talking about the Mitsubishi dealer with the big moustache right?
Did you end up getting a PM? My mate and his family self manages all theirs, I couldn't think of anything worse. On the other hand, if it was educational for the kid then maybe not a bad idea to have them learn first hand.
You mean family in Adelaide? You must be talking about the Mitsubishi dealer with the big moustache right?
Land Tax will take their toll on these "market garden" holdings. Would hate to be receiving the big tax bills while the land holding is basically sitting idle.
I can't vote in the poll because there's no option for the newbs who haven't bought yet...
Hahahahaha.....that is definetly an Italian thing...
Needing to keep things in reserve juuuuuuuuuuuuuuuuuust incase something would go wrong.
What is it with Italians and blocks of land?
We called him up and asked if he wanted to sell it, we were very interested etc.
He said no.
What's the point of holding a block for that long, doing nothing with it and keeping it until you're over 80 years old?
Hahahahaha.....that is definetly an Italian thing...
Needing to keep things in reserve juuuuuuuuuuuuuuuuuust incase something would go wrong.
Formal education (school) will make you a living (JOB); self education will make you a fortune.
Steve I'm also doing the same with our daughter. Let them learn from and emulate successful people, but also learn (and endeavour to avoid) the mistakes and failures of others.
Bill Gates said........"success is a lousy teacher. It seduces smart people into thinking they can't lose."
Sometimes we win and sometimes we learn
So far, we have 74% of posters on here with less than 9 years of experience...AND I do believe there are plenty of members into their 60s on here...lets see what final figures come out...
Considering I'm 29, it would have been impossible for me to have invested in the 60's 70's 80's. I bought my first PPOR at 22 and now at 29 have my first IP. Property portfolio worth $1.2mil. I know I could do better by having a cheaper PPOR and more cheaper IP's but anywho I couldn't give up what I've already got by choice.
Don't sound surprised. Won't say I told you so.
If someone smarter than me can do a forum search for a poll on age which I think there was a while back (I tried but my terms and phrases were too short), I'd say your poll results here will reflect that in the end result you get on this one.
Perhaps the poll would have been better restricted to forum members aged 60+ only. Smaller pool of results, but more accurate for the question you want answered since they're the only ones able to have invested in the 1960's.
Don,t buy that house for $23k, It is toooo dear
1st investment house in 1978 when I was about 19 @ $23k.Rented @ $45 p/week. 2nd 1979 @ $26k
3rd in 1981 beachside shack @ $51k.
Any of these properties would sell at land value alone now for $250k + with rentals now each from $250 p/w up.
Glad I never listened to my father who said I was CRAZY paying $23k for a house . All the papers were saying prices were going to fall.
In 1982 they ALL doubled in value Great Capital Gain
Sure beat apprentices wage which was about $130 gross per week.
Gee Cee
Old fart
1st investment house in 1978 when I was about 19 @ $23k.Rented @ $45 p/week. 2nd 1979 @ $26k
3rd in 1981 beachside shack @ $51k.
Any of these properties would sell at land value alone now for $250k + with rentals now each from $250 p/w up.
Glad I never listened to my father who said I was CRAZY paying $23k for a house . All the papers were saying prices were going to fall.
In 1982 they ALL doubled in value
Great Capital GainSure beat apprentices wage which was about $130 gross per week.
Gee Cee
Old fart
That's a good point...
What is it with Italians and blocks of land?
A few years ago we spotted a fantastic block down here in Dromana. Sensational bay, heads and city views, northerly aspect etc.
Found out who owned it - an old Italian guy - has owned it for about 35 years, and never built on it.
We called him up and asked if he wanted to sell it, we were very interested etc.
He said no.
What's the point of holding a block for that long, doing nothing with it and keeping it until you're over 80 years old?
As piston broke mentioned, my Father in law still has a sizeable block, where he keeps, vege patch (mostly tomatoes and chilli), chickens for the eggs and pigs for the salami and other things that are too gross to mention. Still makes his own sauce for the pasta! Bewwddifuul!
Big Tone
