Toby ([info]wintrmute) wrote,
@ 2009-05-13 14:26:00
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Entry tags:property

Grumpy old men
Reading thru the minutes of the last body-corporate meeting for a property I'm contemplating, I noticed:
(names changed)
"Mr Orange, acting on behalf of Mr Lemon from Unit 1, submitted six pages of issues."
The group unanimously decided to ignore all of them since the owner couldn't be bothered to turn up in person and hadn't submitted anything in advance.
(The meeting was held four doors down from Mr Lemon.)

Teehee. Although one wonders, what WAS in those six pages of issues?

Aside from that giggle, it was worth reading the meeting notes.. They also discussed what to do about some major repair works required, and voted to put it off until it got worse.. but still, not a good sign.


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[info]xfesty
2009-05-13 06:42 am UTC (link)
I'd be leaving that property alone with a ten foot pole if there's a neighbor like that. No matter how nice the place is, it'd only take one quiet party after midnight, you getting home with your car a little late or you putting your radio antennas up for him to start making your life hell.

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[info]wintrmute
2009-05-13 06:53 am UTC (link)
Also leaving it alone as it's going to sink into the ground unless they spend money fixing the place. :)

I'm quite interested in a townhouse in brunswick, but it doesn't have a garage, just a driveway off the street. I wonder how safe my car and bike would be ..

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[info]xfesty
2009-05-13 07:23 am UTC (link)
Is it absolutely essential you purchase a house right near the city? You'd know oodles more about properties than I given recent research, but I'd have imagined the kind of target property in Brunswick and similar suburbs you're going after would be horribly overinflated currently due to all the first home buyers out there going for the same.

I'd have figured purchasing a property further out as an investment property and only living in it the first couple of years a better move $$$ wise; they're probably not as overinflated?

I'm sure you're over moving regularly, though - I sure as hell am!

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[info]wintrmute
2009-05-13 07:34 am UTC (link)
Places like Reservoir, Sunshine, et al were previously cheap, but so many people had exactly your idea that now they aren't that much cheaper than inner-city properties any more, for the smaller places.

If you want a 600 square metre block with a big house, then year it's cheaper in Greensborough or Caroline Springs or whatever, but fuck would you actually want to LIVE there? God no!

I want a house to live in, not so much as an investment, so it needs to be something I actually don't hate..

A small house in bundoora or Reservoir is about the same price as a unit in thornbury/northcote/fitzroy/brunswick, but if I buy a place in the "Cool" suburbs I can rent a room out for a lot more than in the hinterlands of reservoir or bundoora.. so in a way it works out cheaper. And all along, I can actually go out and get into town in under 90 minutes, or knock 15 minutes off my commute each way to work on the bike, etc.

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[info]xfesty
2009-05-13 07:39 am UTC (link)
Right - sigh, sounds like buying anything at the moment is a shit fight. I'm sticking with my theory that now is a bad time to buy, then... :P Given the extension of the grant with the new budget, seems like first thing early next year may be when demand falls and housing prices deflate. I'm planning on buying then - will see how it pans out!

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[info]wintrmute
2009-05-13 07:48 am UTC (link)
Yeah I'm wondering if that's the way to go too..

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[info]xfesty
2009-05-13 07:57 am UTC (link)
Problem is maybe everybody else is wondering the same thing... which means more over-inflation around that period... which would probably peter out over time and match usual inflation. Maybe it's never a "good" time to buy? :)

What *is* good at the moment, though, is the bloody low interest rates!

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[info]phroggiepuddles
2009-05-13 08:41 am UTC (link)
Now isn't a bad time to buy, it's not necessarily the best time to buy - but the market, especially in Melbourne, at worst will sit still for a little bit. If your looking at an investment or home for at least 2 years then buy when you can afford it, and do consider that the interest rates will return to previous numbers within a few years.

A lot of places in the world have been busting in their housing market, but Australia has had and is still having such a population boom the demand won't drop.

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