Election Sportsbet.

[Bobby]

That's because I sold my 3 bedroom renovated house to move to another location for work.

what was wrong with renting out your house and using that rent to pay the rent in your new location? ALWAYS hang onto your fixed assets you moron. That would also have allowed you to claim any interest you were still paying (assuming you still had a mortgage on the house) as a tax deduction

I haven't bought another house yet.

you've been out of the market for too long. Prices have gone up at least $300k since you sold, probably much more in Melbourne. You can't afford to buy a house now

My house was recently renovated - you could even smell the fresh paint.
Everything was brand new.
It was too good to rent out.

However - now I regret it as what happened was that my job plans didn't work out.

[J o h n S m i t h]

My house was recently renovated - you could even smell the fresh paint.
Everything was brand new.
It was too good to rent out.

You idiot, thats exactly what you want to rent out. That way you know for sure the moneys coming in, and there won't be any non stop repair works being undertaken that will drain away whatever rent you were going to get.

However - now I regret it as what happened was that my job plans didn't work out.

you need to get back in the market ASAP or you'll regret it even more

[Bobby]

My house was recently renovated - you could even smell the fresh paint.
Everything was brand new.
It was too good to rent out.

You idiot, thats exactly what you want to rent out. That way you know for sure the moneys coming in, and there won't be any non stop repair works being undertaken that will drain away whatever rent you were going to get.

However - now I regret it as what happened was that my job plans didn't work out.

you need to get back in the market ASAP or you'll regret it even more

Hi John,
I wish life was that simple but it's not.
If I could have predicted the future I would have done things differently.
There were many variables at play including my own health.
The story is too long and contains too
many personal details to share on a public forum.
At the moment I don't know if I even want to stay in Melbourne.
I just don't know what to do anymore.

[J o h n S m i t h]

I wish life was that simple but it's not.
If I could have predicted the future I would have done things differently

You don't HAVE to predict the future, you just have to look at whats happened with property over the last 50 years. At no stage has property sat still for any length of time or gone backwards any more than a slight hiccup. Even those hiccups were usually always quicky made back up and surpassed within a 12 month period.

At the moment I don't know if I even want to stay in Melbourne.
I just don't know what to do anymore.

It doesn't matter if you want to stay in Melbourne or not. The longer you wait to get back in the market, the worse it'll be. I'm looking at possibly moving but there is no way I'd consider it if I didn't have my house here. Even if I move, I'll get more rent for this than I will pay for rent elsewhere so it's a win / win.

My mum did what you did back around 2000 (don't recall exact year). She sold her place in Farmborough Heights for $140k and she told me she was going to go back to Italy to look after my grandmother, and would probably stay there for a year or more. I told her NOT to go without buying something or she wouldn't be able to afford anything in Wollongong when she came back. Back then, in Wollongong, the cheapest suburb was Cringilla where you could buy a house for $50k. and she absolutely did not want to live in Cringilla (views of the port Kembla steelworks)

She didn't listen and then when she came back over 14 months later she found she was priced out of the market. A house in Cringilla now started at $150k, let alone in the suburbs she wanted. I ended up having to sell her my then house for $140k, even though I could have gotten much more if I had listed it on the open market, just to make sure she didn't end up homeless.

Unless you have a son who is as generous as me, Get back in the market or you will regret it.

The last thing you want to be doing when you're on a pension is renting.

[Bobby]

I wish life was that simple but it's not.
If I could have predicted the future I would have done things differently

You don't HAVE to predict the future, you just have to look at whats happened with property over the last 50 years. At no stage has property sat still for any length of time or gone backwards any more than a slight hiccup. Even those hiccups were usually always quicky made back up and surpassed within a 12 month period.

At the moment I don't know if I even want to stay in Melbourne.
I just don't know what to do anymore.

It doesn't matter if you want to stay in Melbourne or not. The longer you wait to get back in the market, the worse it'll be. I'm looking at possibly moving but there is no way I'd consider it if I didn't have my house here. Even if I move, I'll get more rent for this than I will pay for rent elsewhere so it's a win / win.

My mum did what you did back around 2000 (don't recall exact year). She sold her place in Farmborough Heights for $140k and she told me she was going to go back to Italy to look after my grandmother, and would probably stay there for a year or more. I told her NOT to go without buying something or she wouldn't be able to afford anything in Wollongong when she came back. Back then, in Wollongong, the cheapest suburb was Cringilla where you could buy a house for $50k. and she absolutely did not want to live in Cringilla (views of the port Kembla steelworks)

She didn't listen and then when she came back over 14 months later she found she was priced out of the market. A house in Cringilla now started at $150k, let alone in the suburbs she wanted. I ended up having to sell her my then house for $140k, even though I could have gotten much more if I had listed it on the open market, just to make sure she didn't end up homeless.

Unless you have a son who is as generous as me, Get back in the market or you will regret it.

The last thing you want to be doing when you're on a pension is renting.

You're probably right but
prices don't always go up:

https://www.theage.com.au/property/news ... 5aorr.html

[J o h n S m i t h]

You're probably right but
prices don't always go up:

yeah they do.

Price falls usually last for a period of months, they're an adjustment typically after the market was running red hot, but also when the economy tanks. I can almost guarantee that for 99% of the cases, especially in Sydney and Melbourne, 12 months from now any property that has fallen in price will be back to a level that is over todays asking price.

The GC is probably the WORST market in Australia for price falls BECAUSE so many properties are owned by people who don't live here. And even here its still only short term. Prices typically bounce back after a year.

If you are waiting for it to fall to the level it was before you sold, you're already to late It'll never happen. You're like the poker machine addict that keeps chasing his loses.

[Bobby]

You're probably right but
prices don't always go up:

yeah they do.

Price falls usually last for a period of months, they're an adjustment typically after the market was running red hot, but also when the economy tanks. I can almost guarantee that for 99% of the cases, especially in Sydney and Melbourne, 12 months from now any property that has fallen in price will be back to a level that is over todays asking price.

The GC is probably the WORST market in Australia for price falls BECAUSE so many properties are owned by people who don't live here. And even here its still only short term. Prices typically bounce back after a year.

If you are waiting for it to fall to the level it was before you sold, you're already to late It'll never happen. You're like the poker machine addict that keeps chasing his loses.

I'll never get back in at the price I sold as there is stamp duty as well - what a rip off.

[J o h n S m i t h]

I'll never get back in at the price I sold as there is stamp duty as well - what a rip off.

the longer you wait, the harder it gets

I think I overpaid for my place by about $30k because my wife 'had to have it'. That was 3 years ago. Since then it's just about doubled in price so did I really overpay?

[Bobby]

I'll never get back in at the price I sold as there is stamp duty as well - what a rip off.

the longer you wait, the harder it gets

I think I overpaid for my place by about $30k because my wife 'had to have it'. That was 3 years ago. Since then it's just about doubled in price so did I really overpay?

I procrastinated because I thought the prices would go down due to the Covid pandemic.
I made a mistake as they went up by at least 20%.

[J o h n S m i t h]

I procrastinated because I thought the prices would go down due to the Covid pandemic.
I made a mistake as they went up by at least 20%.

don't make the same mistake now or they'll go up another 20% before you know it

Ask yourself this, can you afford to rent on a pension? If not, then you bloody well had better get back in the market ASAP. Even if it's just a small townhouse or duplex (i personally would avoid units or anything with body corporate levies). Rents in my area went up about 50% in the past year. To rent a bedroom in a share house now costs about $300/ week. A pension is only $450 odd a week. How long before that's not enough for even a room?