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harvest

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About harvest

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    HPC Poster
  1. I'd be interested to know what % drops people are seeing for actual completed sale prices compared with 2007 on specific areas they are following. Property snake always seems to just throw up the bargain basement stuff people would steer clear of anyway even in a rising market.
  2. Not aimed specifically at your comment, but I extrapolated and applied my own interpretation (tongue-in-cheek) to a few posts on this thread not just your own. Irony as the consensus here is to instill the belief that prices will fall by a large percentage, yet at the same time some posts were providing evidence that would undermine any significant correction in this area i.e. Affordable compared to adjacent areas, affordable to the FTB and some obvious pent-up demand. Affordability is the key, sentiment alone will not drive the market down to the degree you wish for.
  3. If you believe affordability isn't an issue, then this implies that the answer to the original question "How overpriced is this area?" has to be "it isn't".
  4. I know it is. I was just highlighting the irony of predicting large falls in prices, but then undermining it with a “but I can afford to buy”.
  5. You are correct that it’s all “noise”. The only thing the discussion on the differences offers to me is how less severe will the Oz crash be compared to the US. All a bit boring, once the stable door is open.
  6. I think that will be the same for all countries with net immigration.
  7. To me the model has not changed amongst the cashed up city professionals. They have always been buying investment property. It’s the proliferation of multi-IP ownership extending out to your average western suburbanite that disturbs me the most and reminds me of the UK. Now I don’t know if the demographic breakdown has always been like this as I’m basing my opinion only on the last ten years. This is why I was asking if you had any data. As another poster indicated, NG is the key.
  8. Got any figures to support this? On the street in Oz, the emergence and growth of the amateur ten-fold investment property owner feels just the same as it does in the UK.
  9. Interesting, a couple of posts indicating that FTB affordability is NOT an issue in this area!
  10. That's the thing, unless they dripped the cash back as they earnt it, they're looking to put down 20% less deposit than they could have done last year.
  11. Decided to test the market with one of my houses in Surbiton at the beginning of the year so I can confirm that the market is as dead here as the rest of the country. Had 2 viewings in three months so I pulled it from the market and found new tenants instead. Interestingly at no time did any of the agents I consulted advise me to significantly lower the price to achieve a sale. They all just shrugged and said that there were just no buyers in the market at the moment, thereby giving the impression that no matter how much the price was lowered by there would still be no interest. To be honest, I suspect the apathy was due in part to their knowledge that I was quite prepared to let the house once again. With regards to the rental versus the sales market - I had real problems finding suitable tenants back in 2002 for this house during the sales boom and had to lower the rent by ~10% to attract suitable tenants. This time around I had no problems finding suitable tenants and achieved a let 7% above my expectation. Now I know many renters on this site will argue that rents are coming down along with house prices, but my anecdotal experience in this area is the opposite. From my experience rental demand is currently very high in this area and this may well save a lot of amateur BTL landlord’s hides for a little while longer. I even had one joker of a lettings agent advising me to set the rent at 20% more than I’m currently letting the house for.
  12. Correct. I’m happy to read posts about all manner of financial strategies, I just don’t want to read that mixed with an inference of ... and therefore that makes me a good parent. However, the OP claims it was a light hearted post so perhaps I should just treat it as such.
  13. You misread my post You claimed one of my responses was “petty, presumptious, argumentative tosh” even though I had deliberately excluded you from the group that I was talking about as you STR’d for more reasons than just a financial one. I therefore gave you examples of what statements I would have made had I really been presumptuous as you suggested. Out of interest, why dont/didnt you use the freedom of living debt-free to pursue a career which allows you to spend much more time at home with your children if that’s what is important to you. Perhaps you already do? STR just seems such an extreme and convoluted route to achieving that goal.
  14. presumptuous - as is your response. Reading between the lines of your OP, you seem to be seeking reassurance that you are a good parent. That's presumptuous. Odds are you are making the right choice and you will turn out to be the hero when the kids get that extra playroom/larger garden in a couple of years time, but whilst I'll bet my IP's on it I certainly wont bet my family home.
  15. I’d suggest on an individual basis that it’s really a question your children will need to provide an answer for over the long term, rather than what you perceive are the effects. I made a generalisation, individual circumstances differ and certainly some people have a positive experience of renting and some people do not. I think to apply the labels of good or bad parents is a step too far, but certainly taking a risk with stability for purely financial gain alone is certainly more to do with your own interests than those of your child. I’d ask the question, why not MEW 20% and take it down the bookies – you’ll easily find better odds than you would for a 30% plus house price crash at the moment and you wont have to wait a couple of years for the result. Note, I’ll stress again that I’m only advising those with children living at home not to STR, SOLELY in an attempt to realise a financial gain. All others, no kids, empty nesters, STM’s etc – go for it.
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