Where did you purchase your first property?
- Thread starter redwing
- Start date
First Property
Location: West Ryde
Price purchased for: $252,500
Year purchased: 2005. 1970's 3 level walk up unit. (Ground floor (above car spaces/garages.))
Do you still own the property?
No I don't, I sold it for $365,000 in Jan 2011 after a plumbing incident spewed crap all over the carpet. My poor tenants..... Also I was never happy with the width of the living space. Only about 3.2metres wide, felt too narrow when you have the tv at the opposite side. And the car space was open (i.e.. couldn't store anything in it and people could walk though it) and the car space was too narrow - accidentally scratched a lot of paint off the side of my new car. People with garages also have very limited space in their garages. Not enough space for passengers to enter. And occasionally I'd get parked in by people illegally parking cars....
Also... Here's a tip. Never try selling at Christmas, because there aren't many buyers then...
Why did you buy that property?
I went and saw two properties that day, this unit in West Ryde and a townhouse in Telopea. The agent for this property started calling me back and with a little toing and froing, before I knew it, I had made a offer the seller was happy with. In hindsight I needed to do much more research but this was the days before realestate.com.au and domain.com.au
Did you renovate?
Yes, replaced the kitchen, only a few months before sale.
Why did you want to buy?
I basically had been working at Amex for just over 2 years at the time of purchase and so had a steady income and a deposit, so I was ready to buy.
Location: West Ryde
Price purchased for: $252,500
Year purchased: 2005. 1970's 3 level walk up unit. (Ground floor (above car spaces/garages.))
Do you still own the property?
No I don't, I sold it for $365,000 in Jan 2011 after a plumbing incident spewed crap all over the carpet. My poor tenants..... Also I was never happy with the width of the living space. Only about 3.2metres wide, felt too narrow when you have the tv at the opposite side. And the car space was open (i.e.. couldn't store anything in it and people could walk though it) and the car space was too narrow - accidentally scratched a lot of paint off the side of my new car. People with garages also have very limited space in their garages. Not enough space for passengers to enter. And occasionally I'd get parked in by people illegally parking cars....
Also... Here's a tip. Never try selling at Christmas, because there aren't many buyers then...
Why did you buy that property?
I went and saw two properties that day, this unit in West Ryde and a townhouse in Telopea. The agent for this property started calling me back and with a little toing and froing, before I knew it, I had made a offer the seller was happy with. In hindsight I needed to do much more research but this was the days before realestate.com.au and domain.com.au
Did you renovate?
Yes, replaced the kitchen, only a few months before sale.
Why did you want to buy?
I basically had been working at Amex for just over 2 years at the time of purchase and so had a steady income and a deposit, so I was ready to buy.
First Property
Location: Toowoomba Qld
Price purchased for: $52,500
Year purchased: 1989
Do you still own the property?
No I don't, I sold it for $86,000 in 1991 to buy another home when I was moved to Brisbane.
Why did you buy that property?
It was cheap and a big old Queenslander. I earned about $30,000 pa and borrowed a $2,000 deposit from my mum. I was 24 and had no savings but read Noel Whittakers new book and decided to buy a house.
Did you renovate?
painted inside and out, polished the floorboards and installed a very basic kitchen. I saw a recent sold as from two years ago and note that none of those things have been done since and it was looking terribly run down. It sold for about $245,000 I think but with a basic tart up it would have done much better. I am not sure what today's market is like in Toowoomba.
Why did you want to buy?
As mentioned above. I was posted to Toowoomba with the Army and it was a pretty boring place. So grabbing my own house to fix up seemed a good idea at the time.
I was moved to Brisbane and the army paid my selling costs and buying costs to change my home and I did make over 60% growth in the two years I had it. I thought I was pretty clever. But looking back I should have kept it and sucked up the costs of buying a new place. I think my biggest regret in my property time was selling each home to upgrade it. Looking back I could have kept some and I'd be so much better off.
Location: Toowoomba Qld
Price purchased for: $52,500
Year purchased: 1989
Do you still own the property?
No I don't, I sold it for $86,000 in 1991 to buy another home when I was moved to Brisbane.
Why did you buy that property?
It was cheap and a big old Queenslander. I earned about $30,000 pa and borrowed a $2,000 deposit from my mum. I was 24 and had no savings but read Noel Whittakers new book and decided to buy a house.
Did you renovate?
painted inside and out, polished the floorboards and installed a very basic kitchen. I saw a recent sold as from two years ago and note that none of those things have been done since and it was looking terribly run down. It sold for about $245,000 I think but with a basic tart up it would have done much better. I am not sure what today's market is like in Toowoomba.
Why did you want to buy?
As mentioned above. I was posted to Toowoomba with the Army and it was a pretty boring place. So grabbing my own house to fix up seemed a good idea at the time.
I was moved to Brisbane and the army paid my selling costs and buying costs to change my home and I did make over 60% growth in the two years I had it. I thought I was pretty clever. But looking back I should have kept it and sucked up the costs of buying a new place. I think my biggest regret in my property time was selling each home to upgrade it. Looking back I could have kept some and I'd be so much better off.
It was Noel's books that first motivated me to start saving and investing (first into property) and then shares (Coca Cola, GIO in 1992 etc).
First Property
Location: Victoria Park, Western Australia
Price purchased for: $181,000
Year purchased: 2005
Do you still own the property?
No, sold for $285,000 in 2011 to purchase another property
Why did you buy that property?
good location, well priced (slightly under market), close to beach, city, shops, public transport, CBD, etc.
Did you renovate?
no, the plan was to use it as PPOR then move out and keep it as it would've been positively geared.
Why did you want to buy?
Perth market was rallying, wanted to get my foot in the door but also wanted a property that could be quickly positively geared. I had very low LVR on it from memory.
Location: Victoria Park, Western Australia
Price purchased for: $181,000
Year purchased: 2005
Do you still own the property?
No, sold for $285,000 in 2011 to purchase another property
Why did you buy that property?
good location, well priced (slightly under market), close to beach, city, shops, public transport, CBD, etc.
Did you renovate?
no, the plan was to use it as PPOR then move out and keep it as it would've been positively geared.
Why did you want to buy?
Perth market was rallying, wanted to get my foot in the door but also wanted a property that could be quickly positively geared. I had very low LVR on it from memory.
I sold it for $370k, I can't imagine it would have gone up a lot in the interim looking at some of the other places.
Location: Plympton, South Australia
Price purchased for: $79,000
Year purchased: 1989 (17% Interest Rate however it was a small glitch)
Do you still own the property
no
Why did you buy that property?
As a PPR for my new family/kid (s)
Did you renovate?
No as it was a perfect spec and condition
Why did you want to buy?
I had a deep desire to have a family home as we had been travelling extensively before then. I wish I had been interested in being an amateur property developer then. I would have never ended my mortgage but developed the facility forever. A line of credit would have promoted our family wealth much better.
Price purchased for: $79,000
Year purchased: 1989 (17% Interest Rate however it was a small glitch)
Do you still own the property
no
Why did you buy that property?
As a PPR for my new family/kid (s)
Did you renovate?
No as it was a perfect spec and condition
Why did you want to buy?
I had a deep desire to have a family home as we had been travelling extensively before then. I wish I had been interested in being an amateur property developer then. I would have never ended my mortgage but developed the facility forever. A line of credit would have promoted our family wealth much better.
First Property
Purchased - 2006 / 2007
Location - Keysborough, Victoria
3 + 2 + 1
Purchase Price - $305,000
Sold 2009 - $395,000
I've added a security to the front if that is considered renos
Had to buy it because I was not too welcomed at the place that I temporarily stayed at that time, (ex sister's place)
Purchased - 2006 / 2007
Location - Keysborough, Victoria
3 + 2 + 1
Purchase Price - $305,000
Sold 2009 - $395,000
I've added a security to the front if that is considered renos
Had to buy it because I was not too welcomed at the place that I temporarily stayed at that time, (ex sister's place)
First Property
Location: Marangaroo WA
Price purchased for: $434 000
Year purchased: 2013
Do you still own the property?
Yes, PPOR.
Why did you buy that property?
700m2, <20km from the city (14km straight line). Biggest one was it is part of a proposed rezoning for a neighbouring suburb (Girrawheen) due to proximity to high school, but typically demands higher prices. All the pluses of rezoning, but also a slightly nicer suburb for a PPOR. Surrounding suburbs such as Landsdale, Darch, Greenwood, Hamersley demand much larger prices (20% +) so hope one day it plays catch up.
Did you renovate?
New carpets, new blinds, repainted entire house, new front door, new shelving in robes, sliding mirrored/vinyl robe doors, built a pizza oven. Just recently did the bathroom from scratch.
Front landscaping being done at the end of summer.
Why did you want to buy?
Wanted my own house as well something that was a decent investment. Figured a block I could one day subdivide and a house I could renovate made sense since I work in the building game.
Location: Marangaroo WA
Price purchased for: $434 000
Year purchased: 2013
Do you still own the property?
Yes, PPOR.
Why did you buy that property?
700m2, <20km from the city (14km straight line). Biggest one was it is part of a proposed rezoning for a neighbouring suburb (Girrawheen) due to proximity to high school, but typically demands higher prices. All the pluses of rezoning, but also a slightly nicer suburb for a PPOR. Surrounding suburbs such as Landsdale, Darch, Greenwood, Hamersley demand much larger prices (20% +) so hope one day it plays catch up.
Did you renovate?
New carpets, new blinds, repainted entire house, new front door, new shelving in robes, sliding mirrored/vinyl robe doors, built a pizza oven. Just recently did the bathroom from scratch.
Front landscaping being done at the end of summer.
Why did you want to buy?
Wanted my own house as well something that was a decent investment. Figured a block I could one day subdivide and a house I could renovate made sense since I work in the building game.
First Property
Location: Merrylands, Sydney
Price purchased for: $260k
Year purchased: 2009
Do you still own the property?
yes
Why did you buy that property?
2 min walk from station, good price, just needed some cosmetic reno
Did you renovate?
there was drawings on wall, carpet was feral, and somehow, there was lipstick on the ceiling.
Why did you want to buy?
at the time went into business which didnt go too well. Wanted to get back on track with property investment and came across www.somersoft.com.au
Location: Merrylands, Sydney
Price purchased for: $260k
Year purchased: 2009
Do you still own the property?
yes
Why did you buy that property?
2 min walk from station, good price, just needed some cosmetic reno
Did you renovate?
there was drawings on wall, carpet was feral, and somehow, there was lipstick on the ceiling.
Why did you want to buy?
at the time went into business which didnt go too well. Wanted to get back on track with property investment and came across www.somersoft.com.au
l bought my first one in Heathcote Vic. at 26 . It was 40ac's and the plan was to retire on it at 35 and just paint. The idea was that it'd be paid of and l'd have a bit of a stash . So l might've had to do a little bit of work here and there but mostly l could just paint and breed horses.
But then l got married ,
But then l got married ,
First Property
Location: Hilton WA
Price purchased for: $439,000
Year purchased: 2012
Do you still own the property?
Yep.
Why did you buy that property?
It was a hidden gem as it was a duplex pair on one title that didn't appear to be subdivisable on face value, but could be done on much closer inspection of the local planning policies. It was also potentially a cheap pickup because it was a complete bomb inside and a public housing auction (which wasn't popular at that point in time in Perth).
Did you renovate?
Complete internal overhaul - plumbling, electrics, you name it. Of both duplexes too - cost around $45k all up at the end, and took something like 6 months start to finish - although I took my time with the second duplex.
Why did you want to buy?
I had saved a decent deposit over a number of years, and only figured out about property investment maybe 8 months prior. But then it was 8 months of full research mode, so was sure I was getting a good deal. It was actually meant to be a one-off thing (buying a property), but then it became addictive!
Location: Hilton WA
Price purchased for: $439,000
Year purchased: 2012
Do you still own the property?
Yep.
Why did you buy that property?
It was a hidden gem as it was a duplex pair on one title that didn't appear to be subdivisable on face value, but could be done on much closer inspection of the local planning policies. It was also potentially a cheap pickup because it was a complete bomb inside and a public housing auction (which wasn't popular at that point in time in Perth).
Did you renovate?
Complete internal overhaul - plumbling, electrics, you name it. Of both duplexes too - cost around $45k all up at the end, and took something like 6 months start to finish - although I took my time with the second duplex.
Why did you want to buy?
I had saved a decent deposit over a number of years, and only figured out about property investment maybe 8 months prior. But then it was 8 months of full research mode, so was sure I was getting a good deal. It was actually meant to be a one-off thing (buying a property), but then it became addictive!
