When is the world economy going to tank ?

Why would you think that David ?

Around here all the miserable old K....s are crying in their sweet sherry -calling out doom and gloom!

 

we are definitely feeling it, but then again it's expected as architects always feel it first as people stopped planning to expand or spend money..

 

The building industry in VIC is in a shocking way due to .

Andrews and his BS Big Build -trade people working there rather than small-time builders, his guarantee fund increases

Of course interest rates - The private lending market is now drying up as far AS lending to 'em

 

I used to get around 2-4 phone calls a month over the last 2 years from RE agents on the GC trying to buy my property down there.

I haven't had ONE phone call since February this year.

Even the Chinese are feeling the pinch I reckon as they were 99% of the people that were making offers to purchase it.

Local RE agent here told me things were going good till around February/March, that was the tipping point he reckons as he's still selling homes to locals, but the investors from around Australia have stopped calling to buy investment properties here.

 

In Melbourne due to Andrews and his land tax and concerns about vacant bedroom tax coming in ,1,000s of investors now have rental properties on the market most of these properties are the low end scale $500 to $800 per week

 

Vacant bedroom tax?? That a real thing?

And don't worry man, give it another 5 years or less, it won't be worth owning my investment properties here in QLD anymore.

The cost of insurance, rates, land tax, plus repairs/maintenance it's almost not worth having them anymore.

My insurance alone goes up approx $1000 each year just on those 4x investment properties. I pay $12K each year for insurance for those 4x investment properties.

It goes up approx $1000 each year give or take a few bucks. Rates are the same ****, average $5000+ each lot of rates for each home, including my own. I just paid $2900 for 6 months rates for the GC property just then. Again, almost not worth keeping them anymore.

I have only just started lifting my rent for the first time in 10 years at the end of last year and again this year. I will do 2x rental increases (only $50 p/w total across each property over 2 years) and then I will leave it for another year or two to see how it pans out as these are all 10+ year long term tenants, I don't want to scare them away as I am happy for them to stay there and rent them for another 10+ years or they can rent them for their rest of their lives if they want.

I will see where it settles in the next 5 years or less, might sell the lot and invest it in shares and become a beach bum instead of a slumlord.

 

Vacant bedroom tax, I understand it will come in - In the UK it has been used as a tax.

IMO sell it all up and buy yourself one quality home .

 

Melbourne has been f**ked over by Dan so it’s no surprise that sentiment is negative
Pockets of NSW and QLD are doing very well
Interest rates are still cheap and appear to have peaked
Immigration is being cranked up and vacancy rates are already low
Plenty of pent up demand to be satisfied over the next few years

https://www.realestate.com.au/news/mosmans-reverie-apartments-sells-out-off-the-plan-in-two-hours/


Sent from my iPhone using FerrariChat.com mobile app

 

The problem in Victoria is the land tax ,council costs,rates if borrowing ,insurance and all the addons -But yes frucked over by Dan.

 

Then stop voting him in. [emoji994]

 

I didn't vote for him . Carl did .

 

Well stay down there and suck it up then.

Definitely no room up here in God's country for you and your Sictorian mates.

 

As if i would live up there .

 

Truth.


Sent from my iPad using FerrariChat

 

Cheers man.

 

Will they drag us into recession as their own economy spirals down?
Image Unavailable, Please Login