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  1. #81
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    Quote Originally Posted by babyno1onboard View Post
    But this was Perth 5 years ago. And that market has crashed.
    Also, Sydney's population is predicted to boom over the next few years.

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    Default Would you help your kids with?

    Quote Originally Posted by babyno1onboard View Post
    Yes it was. But a PP said that the NSW economy was the best in Australia and therefore it will never crash. The WA economy 'used' to be the best in Australia. And now it's not and house prices have gone down. Mining / oil/gas might pick up in 5 years and the Sydney population flock over to the west and the cycle starts again.
    But Sydney and NSW isn't relying on one industry.

    It is the best in business investment, retail spending and dwelling starts. The list also includes unemployment (NSW has lowest rate) population growth, construction work.

    My husband and I are selling our house in Sydney this year and going to make a huge profit. We are hoping nothing happens between now and then. I can't really see it crashing at all. I think there will be a down turn or correction but not a crash like USA and Ireland.

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    Quote Originally Posted by Elijahs Mum View Post
    You just said it, it's all demand, if what you just mentioned was the case then the Perth market wouldn't be dead, it's dead because of the demand - you can ask whatever you want for a property , you can't make buyers pay it if they a) they don't see the value or b) they don't have the money , same with rentals

    Absolutely the better Agents will get owners more money but that's because they aim to get the best price for the owner by making sure all the buyers in the market know about the home, market it properly and their industry and area knowledge and negotiation skills are high and they don't just go for the quick easy sale at any price

    Not once this year have any of my agents been correct on eventual sale prices, they have all gone over what we thought and what the owners wanted
    It's not really about demand though per say, it's about artificial inflation of prices across the board. When every seller of a half decent Sydney property wants a million bucks, then buyers have no choice but to pay a million.

    I liken it to petrol prices. Out here, everyone complains that when oil prices go up, our petrol prices of course go up, but when prices go down, the fuel companies in the country hardly drop the price. When every servo in the area is selling fuel for $1.60 a litre..... you have to pay $1.60 lol and that's what I see happening here. Of course I'm not saying it's all RE's fault, not at all, the issues are far more complex than that. But I do believe RE's have encouraged huge blow outs in sales, particularly when the FHB's was released. Which is ironic given it's partly the reason first home buyers can't afford to get in the market now!

    JMHO

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    If we're in the position to, yes.
    Once owning a family home is out of the way, I would like to work on having an investment property (or multiple) that will be split between dh & my retirement and the kids' futures.

    We're likely to get a decent inheritance and, rather than holding on to it all until we pass on and the kids getting it then, I want to actually see them benefit from it.

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    Also, heard the other day about a man in WA who was earning $250k year as an engineer on the mines. He has his house and investment properties and now can't make repayments. He sold his investment apartments (not sure how many) at a loss. Now he's blaming the banks for loaning him $1 million on a low doc loan and says it was as easy as buying an ice cream. I find that hard to believe. Something doesn't add up.

    My husband and I have huge equity on our house, both work. I'm part time and husband self employed and the banks will not give us a loan for an investment property.

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    Quote Originally Posted by BigRedV View Post
    Also, heard the other day about a man in WA who was earning $250k year as an engineer on the mines. He has his house and investment properties and now can't make repayments. He sold his investment apartments (not sure how many) at a loss. Now he's blaming the banks for loaning him $1 million on a low doc loan and says it was as easy as buying an ice cream. I find that hard to believe. Something doesn't add up.

    My husband and I have huge equity on our house, both work. I'm part time and husband self employed and the banks will not give us a loan for an investment property.
    I would believe that. 5 years ago I went to the bank for a pre-approval for $500K (as a single person) and they offered me $3 million. They have tightened up lending recently.

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    Quote Originally Posted by babyno1onboard View Post
    I would believe that. 5 years ago I went to the bank for a pre-approval for $500K (as a single person) and they offered me $3 million. They have tightened up lending recently.
    But the point is, you didn't borrow $3 million did you?

    This guy shouldn't have borrowed that much.

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    Quote Originally Posted by BigRedV View Post
    But the point is, you didn't borrow $3 million did you?

    This guy shouldn't have borrowed that much.
    Hell no i'm not stupid But I do believe banks 5-10 years ago were lending money to people that they shouldn't have. And these people will start to default on their loans when the interest rates rise, fire sales will happen and house prices will go down.

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    Quote Originally Posted by delirium View Post
    It's not really about demand though per say, it's about artificial inflation of prices across the board. When every seller of a half decent Sydney property wants a million bucks, then buyers have no choice but to pay a million.


    JMHO

    We had a old house in February where the bank valued it at $1.1 as the owner bought elsewhere and was on a bridging loan , a similar home sold 3 months prior for the same money her reserve was $1,150,000 (she would have taken $1.1 ) the opening bid was $1million it sold for $1,475,000 , we had 12 registered bidders, her mortgage broker thought we made a typo on the contract on the Monday as he couldn't believe it , neither could we for that kind of house, the young couple that bought it were so excited - they were underbidders at 3 other auctions and just wanted to secure a home in the suburb, it's not usually the owners in this market, especially ones with a mortgage as they have to be realistic in what they will sell for

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    Quote Originally Posted by babyno1onboard View Post
    Hell no i'm not stupid But I do believe banks 5-10 years ago were lending money to people that they shouldn't have. And these people will start to default on their loans when the interest rates rise, fire sales will happen and house prices will go down.
    Borrowers need to use common sense. When my husband and I first got pre approval in 2007 for our first home loan they said we could borrow $900k. That is ridiculous. We borrowed $365k and moved a away from the area we were living to buy in a cheaper area and a smaller house.


 

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