Thinking about just renting a unit instead of owning- anyone else doing this ?

[randomx]

Talking to ex just the other night actually. As l said she's a good woman to things weren't all her fault and we still get along v well.

But even she said the other night man, keep that place , she's paying 500pwk rent and has no chance of getting something, she's 55, says at least this is something and only 30mins from beautiful coast and a great town.

l didn't ask her she just came out with that as we were talking. Back when we broke up , we talked about keeping our house man, wish we bloody did now tell you what, especially for her.

 

That one was a helluva lot of work though. Wasn't just grass on one ac, 70ft cypress all over the place some of them fallen down, massive trees, all over grown , old sheds and crap all through it. House was solid but old too , she could've managed it in the end paying for some work but she didn't wanna take it on and l didn't want it so we sold it. As l say though not much money back then and 50 50 so, think l drank my share. She paid debts with hers. 

 

 

 

 

[onetrack]

I was lucky to buy a bare 2000 sq m block of industrial land in a wheatbelt tiny country town, about 130kms NNE of Perth, in 2019. I paid $10,000 for it, because the seller was retiring and selling up all his assets. In the 6-1/2 years that I've owned it, the value of the block has gone from $10,000 to $110,000. The land/property pricing "bubble" must burst in due course.

 

I really feel for the young people starting off, buying a house must only be a dream for them. SWMBO has a friend who has 2 sons and daughter. The daughter married several years ago and both she and her hubby are on good money, and they managed to buy an old timber-framed house in an average Eastern suburb for $780,000.

 

But the middle son isn't married and is working on the mines to try and get enough to buy a house. He proudly told his Mum recently, he'd saved up $50,000 towards the house. But he goes to look at a building block in the far northern suburbs, about 70kms from the City, and they want $500,000 for a tiny bare patch of sandy limestone.

 

So then he finds a reasonable sort of house for sale nearby for just $800,000. He calls the agent, and the agent floors him with the words, "I'm sorry, I've already had 2 offers for the property in excess of $1,000,000!!

This is the standard story around trying to buy a house today, Chinese buyers roll up carrying suitcases full of banknotes, explaining they have the cash to pay for the property, right now!

 

AUSTRAC cash payments reporting is only being extended to real estate agents from July 1st this year. It's way too late, it should have been done 15 or 20 years ago. The flood of Chinese black money has ruined our real estate purchasing ability.

[rgmwa]

Typical house and land prices in Perth have gone through the roof. Up around 40-50% in just the last 2-3 years. I was talking to a real estate agent last week. He sold a house near mine for $1.1m about 18 months ago. He said he would list it today at $1.5m. One of my daughters is renting and there’s no way she can afford to buy now. Three years ago she could probably have managed a mortgage but not now. Our other kids are reasonably secure but I worry about her. Once a parent, always a parent! 

Edited 35 minutes ago by rgmwa