Yes there only allowed to buy new houses its a get around the law ploy.
They don't want to be buying were the new houses are being built so they buy an existing house & claim its stuffed & have to knock down & rebuild new house .
I know a Chinese bloke who bought a house at Seaforth & spent $500 000 renovating it so they could have a six month holiday in the place even put a lift in from garage to house 1 flight of stairs for grandmother then when they went back to china the house was knocked down & rebuilt and that renovation was just added on to the rebuild cost so nobody would be any wiser .
The amount of money some of these chinese have is phenomenal .

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evlPanda said..

Haircut said..
Sorry for the confusion - what I was trying to say is that there are now 330 properties for sale (335 as of today). Yeah it appears there is a lot more stock on the market. Some stuff seems to be selling but there's a lot of new stuff coming on.

They are still asking higher prices, but now I'm starting to spot one here and there that surely must have lost money.

I inspected this one.

house.speakingsame.com/house_img.php?sta=qld&id=1806577&addr=4+Bunya+Court®ion=Helensvale&img=1

After Reno pics
www.realestate.com.au/sold/property-house-qld-helensvale-125007206

Bought for $462 late 2016 and given a full renovation to everything house, yard, fences, pool etc, then back on market at offers over 600k, and sold for 525?

Dude,

get one of those skateboard with the universal joints on it and you've got an indoor freestyle park.
Just need to upgrade that fan.

ooo yeahh!

or give it a sparay with mr sheen for some

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Jupiter said..

Harrow said..

to a Chinese investor about 10 years ago for well over a million. The buyer left it sitting empty for 18 months, then demolished it. Why not rent it out? Would have been hundreds and week in rent, and no problem about rental damage, because they just bulldozed it anyway. Has it got something to do with them hiding a property they are not supposed to own?

May be the new owner is unsure which party is going to be voted in or out ? 1 year to 18 months is about right for a change in government and/or leader ?

The Chinese are using Australian real estate as a bank. Their first choices are HK, London, East Coast USA and NY. Aussie is seen as a safe haven. If you think they have been active in the residential market you should research what they've been doing to the commercial market. Not just here but globally. They are also often buying with a generational view - in other words they will pay a premium price for a building that has no relation to values as we measure them locally but they are buying with a view to never sell which means in 50 to 60 years time whatever premium they paid will be irrelevant and their great grandkids will thank them. Look at the owner of the Intercon Sydney for example.

Interest rate rises over the coming years will start causing grief for many and push prices down as people cant afford higher mortgage payments. In this day and age Im still in really surprised at how many people extend themselves to get a property worth more they can afford in the hope that they'll earn more in the coming years to cover interest rate rises.

I've only noticed interest rates going down. I am just about to sign up for 2 years fixed at 3.88%. With a big four bank.

@ Haircut: You'll notice the GC has a really good yield on property; rental returns are 5%+ the value. It's a great place to invest of you like cash flow, and being positively geared (but steer clear of high-rises). It's also a great place to buy if you are renting, it might even be cheaper to buy than rent.

Also, I'll be up next week. Might catch you at the usual places.

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evlPanda said..
I've only noticed interest rates going down. I am just about to sign up for 2 years fixed at 3.88%. With a big four bank.

@ Haircut: You'll notice the GC has a really good yield on property; rental returns are 5%+ the value. It's a great place to invest of you like cash flow, and being positively geared (but steer clear of high-rises). It's also a great place to buy if you are renting, it might even be cheaper to buy than rent.

Also, I'll be up next week. Might catch you at the usual places.

prices creeping up here ...on GC ..but 5% return when you can get 7% on managed funds ...?units here IN BB selling fast ..

America is trying to normalise rates and their has been some talk of rates rising here. This normally happens at this point in the cycle and historically leads us into the mid cycle recession. Be interesting to see what a couple of interest rate rises will do to demand/supply and housing prices in Sydney etc.

Again historically prices should level off and in some cases slightly fall back, before they crank up again to dizzy heights leading us into the normal cyclic land price fall..which then causes the stock market capitulation. But this time there is so much debt and instability in the system, it will make 2007 look like a tiny blip.

The US could be the culprit in our interest rates rising rather than domestic issues. When US rate rise I always though it pushed our dollar down and our rate up. I'm no expert on this and most likely wrong but that's my guess on how most people we loose their homes in the future.

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bazz61 said.. prices creeping up here ...on GC ..but 5% return when you can get 7% on managed funds ...?units here IN BB selling fast ..

5%+ yield. Capital growth is a bonus.

Not forgetting that any capital growth is geared at, typically, 5:1, aaand gets a 50% Capital Gains Tax discount (madness).

How many managed funds you know roll like this? Not many, if any. (Seriously, I'd like to invest in them.)

My wife from the gold coast said &i quote.
If we moved to the gold coast we could pay cash for house 5 min from where you like to windsurf I said keep talking she said ive got a job lined up you would only need to work 4 days a week i said keep talking she said you could have your trailer sailor to well i replied well education is important but learning to sail &surf is more important we have 4 kids i said throw in a motorbike &i got one problem i said yes but its down the road from my mother in law cant we do that in western Australia
.
Somewhere she can't pop down .
She said alright ill throw in 2 ill repeat that two roots a day well i ran in the house wrote it all down &said sign here

Its framed on the wall awaiting
Signature .
I live in Sydney

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actiomax said..
My wife from the gold coast said &i quote.
If we moved to the gold coast we could pay cash for house 5 min from where you like to windsurf I said keep talking she said ive got a job lined up you would only need to work 4 days a week i said keep talking she said you could have your trailer sailor to well i replied well education is important but learning to sail &surf is more important we have 4 kids i said throw in a motorbike &i got one problem i said yes but its down the road from my mother in law cant we do that in western Australia
.
Somewhere she can't pop down .
She said alright ill throw in 2 ill repeat that two roots a day well i ran in the house wrote it all down &said sign here

Its framed on the wall awaiting
Signature .
I live in Sydney

Move! (unless 2 is less than currently).

From my point of view, it might not be yours, the best thing about Sydney is Sydney Harbour. Unfortunately it has Sydney surrounding it.

Just like the Brisbane River, unfortunately having Brisbane on both sides of it.

False perceptions supporting false values. Egotistical, media driven, penile and ( not to exclude the feminists ) clitoral masturbation. That is what "The Block" ,"Renovation Rescue" and all the other "Reality" TV shows are all about. An egotistical wank.

Bunnings etc experienced a boom in sales due to this renovation craze which the pundits say is great for the economy but the whole scenario is based on speculation.

Is there a general benefit to our society in this scenario??

I think not but I am open ears to anything positive

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Baz said 7%

Then Ep said

How many managed funds you know roll like this? Not many, if any.

.

Can you Scribe which fund?

Ep P.s. welcome back for your stay. Did you bring gear with you?

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actiomax said..
My wife from the gold coast said &i quote.
If we moved to the gold coast we could pay cash for house 5 min from where you like to windsurf I said keep talking she said ive got a job lined up you would only need to work 4 days a week i said keep talking she said you could have your trailer sailor to well i replied well education is important but learning to sail &surf is more important we have 4 kids i said throw in a motorbike &i got one problem i said yes but its down the road from my mother in law cant we do that in western Australia
.
Somewhere she can't pop down .
She said alright ill throw in 2 ill repeat that two roots a day well i ran in the house wrote it all down &said sign here

Its framed on the wall awaiting
Signature .
I live in Sydney

Wow, you should change your name to actionmax

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Haircut said..
Ep P.s. welcome back for your stay. Did you bring gear with you?

Er, nah.

In was going to drive up with gear, today, but the forecast looks pretty sad. It's a 10+ hour drive. And back.
Plus petrol and accomodation if I wanted to break up the drive was more than flights. So, flying up with no gear.

But, and I've typed and deleted and retyped as I figured this out... I think I'll buy some 2nd hand gear from "the shop" and leave it on the GC for whenever I come up . I miss some of those spots, and the perfectly clear water, and the weather.

So yeah; get out of Sydney y'all.

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Haircut said..

Baz said 7%

Then Ep said

How many managed funds you know roll like this? Not many, if any.

.

Can you Scribe which fund?

Talk to AMP advice GC..

It is its actionmax pty ltd .
I just miss spelled it when i logged on 1st time .
Stupid me thought I could change it later .

You can buy a decent 4 cylinder car new for 20K or a really nice second hand one for that price.

So let's say the average price in Perth is 600K for a house - you could buy 30 new cars for that money!

In Sydney with average prices around 1 million - you could buy 50 new cars!!!

This shows the prices are not reflective of their true value. Bricks,and the sand it's built on should not be that expensive!

A super sophisticated piece of machinery with lots of material is worth at least 20 percent of the value of a house with land.

Were interest rates to climb to 10 percent - house prices would completely collapse. Even with a small increase in interest rates like a few percent - i can see a big correction in house prices.

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petermac33 said..
A super sophisticated piece of machinery with lots of material is worth at least 20 percent of the value of a house with land.

Find a factory that can make more land and I'll agree with you.

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Harrow said..

petermac33 said..
A super sophisticated piece of machinery with lots of material is worth at least 20 percent of the value of a house with land.

Find a factory that can make more land and I'll agree with you.

They have them in dubai, not so much a factory but a land making machine, even a very basic version at the gold coast that rockmagnet seems to be in charge of www.seabreeze.com.au/forums/General-Discussion/Chat/Go-ahead--make-my-waves?page=1
maybe ask him if you can borrow it to make some land :)

^^
Nope..these factories just steal the land from somewhere.
Can't beat that fluid displacement law

now 370+

wow, what is going on?? did everyone decide to start evacuating?

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Haircut said..
now 370+

wow, what is going on?? did everyone decide to start evacuating?

Isn't that sort of what you would expect?

People listing properties that won't sell at the price they want, and then other people getting nervous and listing theirs too?

One of the south coast NSW towns I used to windsurf a lot looked like the whole town was for sale at one point. I think it was just after the GFC when people got spooked at realised that holiday homes aren't always a good investment.

I think now, the increased investor interest rates has people worried about the cost, and the potential slowing in demand for the same reason. Lets hope the house of cards slows down gracefully instead of toppling fast.

But they say the Goldie and Brisbane are supposed to be the next Sydney? *hint of Sarc*

Must be an astounding amount of folk invested around this area if this is an indicator of them selling up.

380!!! I just had to triple check to make sure Im not dreaming.

Something must be wrong. Can you put Coombabah and surrounding areas, houses with 3 bedroom, any number of bathrooms, no land size limit, max price 750 as a search?

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actiomax said..
.
I know a Chinese bloke who bought a house at Seaforth & spent $500 000 renovating it so they could have a six month holiday in the place even put a lift in from garage to house 1 flight of stairs for grandmother then when they went back to china the house was knocked down & rebuilt and that renovation was just added on to the rebuild cost so nobody would be any wiser .
The amount of money some of these chinese have is phenomenal .

OR PLAIN DUMB!

There are terms for people like that:
Dumb Ass, Dumb Money, More money than sense, A Fool & his money are easily parted.....
I can also think of several more colourful terms but they will get me kicked out of this forum.

This also sounds like someone trying to dispose of ill gotten gains (money laundering). Money from bribes or drug dealings etc.

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Storm Ahead said..

I can also think of several more colourful terms but they will get me kicked out of this forum.

Say it....The moderator is not working today. it is Sunday

I have seen mini bus tours in my area, filled with Chinese being driven around. Seems to have slowed a bit lately but house are still selling like hot cakes (less than 1 month on the market).

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Storm Ahead said..

actiomax said..
.
I know a Chinese bloke who bought a house at Seaforth & spent $500 000 renovating it so they could have a six month holiday in the place even put a lift in from garage to house 1 flight of stairs for grandmother then when they went back to china the house was knocked down & rebuilt and that renovation was just added on to the rebuild cost so nobody would be any wiser .
The amount of money some of these chinese have is phenomenal .

OR PLAIN DUMB!

There are terms for people like that:
Dumb Ass, Dumb Money, More money than sense, A Fool & his money are easily parted.....
I can also think of several more colourful terms but they will get me kicked out of this forum.

This also sounds like someone trying to dispose of ill gotten gains (money laundering). Money from bribes or drug dealings etc.

I'd go with the money laundering angle.