You know the market's heated when.......

Many people have said that you know the market is heated when the Cabbies are discussing buying property, or shop assistants, etc.

Well, during the day, I often don't go anywhere, as I've got the Business to run. The Postie comes to collect the mail, and the odd customer, but that's about all the face to face contact I have, unless I pop down to the shops.

Most of the Posties are nice guys, working a dead end job that they really don't like very much. They always say "Hi" and we might have a short chat while they process my parcels. They rotate the staff, so it's usually a different one most days.

Anyway, last week one of the Posties starts chatting away about property, and was a little surprised when he found out that I might know a little bit. I didn't say much, but I gave him a note with the forum address, and off he went.

Same deal today with a different Postie.

In case either of you have found your way to this forum, I'm not knocking you in any way, and I applaud that you've come here to educate yourself a bit before you buy something, but please, if you are contemplating buying in Sydney at this time, be careful. Very, very careful. There are lots of other places that make a lot more sense at this point in time.
 
Skater I just realized your domain, that is a fair piece of real estate right there! How long ago did you purchase that?
 
but please, if you are contemplating buying in Sydney at this time, be careful. Very, very careful. There are lots of other places that make a lot more sense at this point in time.

Unless putting in an offer on one of your places, in which case bid like the skys the limit :D
 
Unless putting in an offer on one of your places, in which case bid like the skys the limit :D

Well, yes, that is the exception.

I hear there's this amazing property in Tregear that will be hitting the market in a few weeks. It's bound to be work at least mid $500ks. ;)
 
Skater it is funny you should mention this! I catch a lot of cabs in my day job (I work in advertising sales - think Mad Men but much less interesting!).

I do this across sydney most days of the month and Brisbane a handful of days (I work across both NSW/Qld markets).

My cab driver conversations around both cities range all the way from 'barely audible grunts' right through to cabbies wanting to discuss 'the meaning of life' - and just about everything in between.

In the last few weeks alone I've had at least 5 cabbies initiate property conversations with me. Scarier still is that two of them, after grumbling about their sub-$35k per year take home pay, then proceed to chatter about their desperate desire to buy 'anyrhing i can get for under $600K' for FOMO-related reasons.

$35k per annum in a dead-end job; contemplating $600K property purchases and not batting an eyelid to boot.

Scary s**t right there.
 
You know a market is heated when there are lots of new posters here with lots of grand economic theories about why it'll never stop or why it's the calm before the end of the world.
 
You know the market's heated when....... you find a great new listing and when you are showing your mate at work the next day, it is already under offer. Happened to me three times last year in Perth.
 
Hi, way back in 2003, when I settled on house number 4, a postie was settling on house number 7. We were both borrowing through RESI then.

Maybe the Adelaide posties have their own property investing networks?

KY
 
I've got a client who's a postie, only earns the $35k has a decent portfolio. Mind you his partner works f/t earning about $70k. His work allows him a lot of time to search out great buys... and he knows the streets pretty well ;)
 
I've got a client who's a postie, only earns the $35k has a decent portfolio. Mind you his partner works f/t earning about $70k. His work allows him a lot of time to search out great buys... and he knows the streets pretty well ;)

Nice little retirement job, I've seen one in our area of late on a pushbike rather than a motor bike, up early and knock off early
 
Nice little retirement job, I've seen one in our area of late on a pushbike rather than a motor bike, up early and knock off early

And deal with stray dogs, dive bombing birds, cars and grumpy people in all sorts of weather. Couldn't think of much worse personally
 
We went to a dinner party last night . Much of the first hour was talking about property , but then again , we were there ...:eek:

Cliff
 
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