When I do a deal Pap, LVR or % of the debt to value is the "Key" I rely on. Valuation Comparable area sales Drive by and www.realestate.com.au It soughts out owners expectations of value .
I have no doubt RB, but I reckon I am/was better off buying the property I did. There wouldn't have been too many suburbs in Melbourne that have quadrupled in the last 13 years like my place has on the Gold Coast. And now you Mexicans are getting raped with this land tax the last few years; I reckon am definitely miles ahead by purchasing on the GC instead of Melbourne. Property owners and investors are peeling out of Victoria faster than a 992 GT3RS around the Nürburgring and are buying property in QLD. Can you please personally thank ex-premier Daniel Andrews for me and tell him I owe him a beer. Bringing this land tax BS into Victoria has helped triple the value of my properties in Townsville in the last two years, they sat stagnate for the last 15 years prior.
Yep, it's crazy JM! I knew I had to buy there when I did as prices were near the bottom and I wouldn't be able to afford to purchase one there when prices went back up. I told Nicole it's now or never lol. A mate looked at buying there 2 years ago, had $1M to spend. He left Mount Isa with his family in 2021 and was renting in Bundall for around 12 months before they decided they wanted to buy a property there. He was looking at properties around $800K-$900K, not waterfront, in Bundall, Benowa, Broadbeach Waters, Clear Island Waters, ****ed around on and off going to open homes and auctions, kept renting, never purchased anything and in a blink of an eye property prices were $1.2M to $1.5M and he's now priced out of the market. He's sending me messages now asking where to purchase in Mackay as his rent has gone to $1000 pw now and he wants out and will purchase something in Mackay lol. I told him $1M will get him beachfront in Mackay if he wants lol.
You cleary don't understand property values and the secrets of wise investment oh well . So you have a property that has multiplied by 4 in 13 years ? Or understand the % of increase in land tax in VIC in the last 5 years ? My partners family OWN over 100 properties in Melbourne -Yet they are not selling ,but I guess they have NFI . Triple value in 3 years in Townsville BS. You do understand i take it how average proerty values over a year are calculated ?
You’re teaching your kids the lesson of hard work which is better than any amount of money you give them. They can do the same and make their own wealth. Enjoy the fruits of your labour before it’s too late.
Agree, what people think it's worth and what it's worth are two different things. QLD government sends out a land valuation letter every two years showing you what they think your land is worth and you pay rates/land tax accordingly. I am not sure if VIC or NSW property owners receive the same from their governments also. I have never been a dreamer; I am always very modest regarding what I think my properties are worth. But when I take a good look around to see what other properties are selling for in my area, especially in the last few years, I am sitting pretty good. But I did purchase 23 years ago, 20 years ago, 15 years ago x2 , 13 years ago and April this year in Mackay. So it's been a long road to get to where I am today. I am still getting phone calls, as recently as two weeks ago from an Asian RE agent acting on behalf of a Chinese investor who was interested in purchasing that Gold Coast property of mine. Cash buyer, no contract and he offered $500K more than what I told him the last 10 people offered me for that property. I politely refused his offer as I think it will be worth $500K or more in the next 10 years or so anyway. Main reason I refused is because I actually want to live there one day. If it doesn't happen, then that's life, no biggie.
Whatever . VIC SRO up to 2 years ago employed outside valuation firms ,its now all done by the Audit generals office and every 2 years . BTW Land tax in Victoria is max 2.55% for an indivudual (companies/trusts/multi owners vary in % load) QLD excludes the 1st 500k but there after 2.75% An example property worth 1.5m VIC land tax $9.150 QLD $12,750 The only people selling in general investment property in VIC are retirees on a fixed income with say a longterm beach property or Mums and dads like public servants /wage earners who in the 1st place should never have bought a second property for investment or rental with a loan . But HAY what would I know. My experience of the property market over a long long time . Buy quality and hold Quality home and one quality investment and hold .As i have done for the last 30 years and the rewards are massive if and when I sell either .
Yeah, I know **** all. When you have 100 properties anywhere, you are that level of wealth of not giving a **** what the land tax bill is every year because you are rich enough to be able to afford to pay it in the first place and they obviously haven't purchased 100 properties in the last 10 years have they. Unless they won $100M Powerball lotto last week. Generational wealth like your partners family would have, averages out the land tax increase in the last few years to pittance, so of course they are going to hold them. They wouldn't have a need to sell them. Look at the average investor though, which is "mum and dad" having a go. Obviously, they are going to struggle paying that extra land tax bill down there. The proof is in the sales all over QLD. Mackay, Townsville, Gladstone, Rockhampton and everywhere else in between. People are buying all up and down the QLD coast and you are paying A LOT more than you were 2-4 years ago. Mate purchased 2x investment properties in Harvey Bay, Harvey Bay of all places. The entire town is a retirement village, nice place but. He and his Wife paid $415K and $440K each back in 21/22 and sold them both a few months ago for $800K and $810K. And yeah, more like 2.5 the land value has gone up in Townsville the last 3 years, so close enough to triple.
Well its not that simple , people of commerce and business savy like my partners family ,all the properties MUST pay there own way ,the greatest issue for them is selling and capital gain tax ,mind you the capital gain will far outstrip the tax and yes while not pwerball winners they are still buying and building property ,my partners all time wish would be to develop a commercial property area with a Bunnings as the major tenant 30x30 lease which thus attracts other tenants , not dollar and dime stuff.. You write about the massive gains in the said areas you mention , you forget to mention the dip in prices from 2012 to 2019 with no capital gain ? Image Unavailable, Please Login
The law changed a few years ago when we were allowed to add Land Tax to the outgoings, which helped! Currently, we have two problems: the building now only has 2 tenants (was meant to settle in Sept, but now sitting through a 6/12 extension), and we never received the assessment, so the time had expired to protest it before we got the bill.
Yes, I am pretty sure I mentioned that house prices/land were stagnate in Townsville for 15 years. And I asked you to thank Daniel Andrews for me personally and to tell him it's my shout for beers. Or nose beers if he prefers. Commercial property/industrial property is probably the dream for all property investors, but I ain't got that level of wealth to play with the big boys so I will stick to my chicken feed investment homes. I saw a Childcare Centre sell to a "Chinese offshore investor" for $12M with a 5.83% yield in Melbourne's East. Get me the finance for that and I will buy it tomorrow myself. Image Unavailable, Please Login
The Chinese Don't buy here for yield in general ,its all about getting the money out of Chinah . You do know apart from the 1st $500k deducted that SRO Land tax is a higher % in QLD to VIC? I'm not a fan of Melbourne ,I live here for , love my home ,family ,friends and the rural drives and of course CFC. And I'll add NO interest in ever living in QLD,its a cultural desert IMO.
Probably more about buying a "Business" visa than anything else... This is where our immigration policy has gone wrong - instead of taking people from places who have nothing but a burning desire to build a life (like your Dad, I would imagine) we're encouraging MONEY not people into the country.
