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hello from perth

Discussion in 'Introductions' started by aussierob, 13th Aug, 2006.

  1. aussierob

    aussierob New Member

    Joined:
    13th Aug, 2006
    Posts:
    2
    Location:
    perth,wa
    hi people my name is rob

    im 35 and live in perth.
    boy what a crazy time for property here right now but im not complaining

    i currently live on a duplex block site near north of city (10mins) and is valued at 700000+ and my current mortgage is 110000. i did some buying subdividing and moving on early in the piece to get my mortgage to where it is now. i also now have a new two storey house being built up the road with ocean views which will be valued probably between 950000 - 1,200,000 with same mortgage 110000 as wife's father owns this triplex site and said we could move in with same mortgage as what we get for current house will pay for new one. i have also just purchased with father-in-law a triplex development site for 650000. we will build 3 units and sell 2 units thus leaving us with a fincial position in 18 mths time of....

    lets say...assets - 1,000,000 home
    470,000 investment
    total =1,470,000

    less loans 480,000 (110,000 - home 370,000 - invest

    total equity = 990,000

    where do u see my next move for living off equity ......
     
  2. Jacque

    Jacque Team InvestEd

    Joined:
    16th Jun, 2005
    Posts:
    1,885
    Location:
    Sydney
    Hi Rob :)
    Where do you see Perth heading in the next 5 years or so?
    Do you think the resources boom is sustainable enough to retain the current high prices that Perth is experiencing?
     
  3. aussierob

    aussierob New Member

    Joined:
    13th Aug, 2006
    Posts:
    2
    Location:
    perth,wa
    i think in the next 5 years we will see the resources sector still strong but that is presuming china doesn't fall over but my crystal ball says it should still be ok....as far as perth property prices i think we will see growth levels go back to normal for maybe 3-5 yrs ....back to the old location, location location


    but hey who knows we all said that this boom would end 12mths ago but anything is possible...perth had been certainly undervalued but to be the 2nd most expensive city now behind sydney im not sure...but as u said with resources studies show western australia's wages have risen largely due to the mining sector and per capita we have the 2nd highest wage earners in the country...can u see a direct relation to property prices hmmm..anyway thats my opinion ....time will tell
     
  4. Jacque

    Jacque Team InvestEd

    Joined:
    16th Jun, 2005
    Posts:
    1,885
    Location:
    Sydney
    In an environment of seemingly never-ending growth, it's easy to become complacent and believe that every IP you touch turns to gold. It's also interesting that Perthites feel the boom should have ended 12 mths ago and yet it continues...... sounds uncannily similar to what Sydneysiders were saying in 2002, when our boom still had a good 12 mths to run before it topped out towards the end of 03.
    The fear of "missing out" was rampant and accounted for much overpaying on what is now property that is failing to achieve even 03 prices, in some suburbs.