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  1. #21

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    Quote Originally Posted by SwissKiwi View Post
    Seems like you are contradicting yourself a little here.

    I do this:
    'Put all my eggs in one basket - a basket I know inside out - and I don't take my eyes off that basket'

    Different strokes of course.
    Not meaning to sound contradictory, just open to all possibilities. I definitely am not so naive to think my way is the best, or only way. There are very few viewpoints and strategies I can't learn something from. I enjoy hearing others point of view, and love a good argument. By that I mean either I change the other guys mind, they change mine, or we respect our opinions differ... all good. ( Of course just hypothetical...I am never wrong )

    I like the eggs in one basket quote, that describes my investments well, I just hope like hell someone doesn't want to make an omelette

  2. #22
    Join Date
    Oct 2005
    Location
    Auckland, NZ.
    Posts
    623

    Default

    Quote Originally Posted by eri View Post

    wonder if that is;

    - bank loan limits kicking in

    - a buyer reluctance for 5%? nett returns, when leak risks are so high

    - a combination of both?

    - or just the vagaries of a limited sample
    I would have thought apartments could do well out of the LVR limits - cheaper prices puts them into the new lower target price range of FTBuyers. However banks have higher deposit requirements for apartments - so perhaps this cancels itself out to neutral.

    What is the latest situation on public notification of leaky apartments - a while ago there was a thread about public lists of leaky/not leaky buildings.

    After hearing even the metropolis has water issues - I find it hard to get interested in any apartment investment.

  3. #23

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    Melbourne.

    High-rise rush threatening city's liveability

    Report authors Bob Birrell and Ernest Healy, of Monash University, said the ''unsustainable'' boom was being driven by foreign investors, not occupiers, and was eroding the positive effects of upgrades to the city's transport infrastructure, public spaces, parks and laneways.

    ''The apartment boom is squandering this investment … it is delivering tiny, poor-quality apartments,'' they said. ''The city is heading towards becoming a dormitory rather than a centre for knowledge-intensive industries.''

    An RMIT planning expert, Michael Buxton, said Melbourne had never before experienced such a ''staggering'' scale of medium and high-rise residential development.

    ''This is a gold rush with a whole lot of players who are running hell-bent while it lasts,'' he said.

    Professor Buxton urged the state government to intervene and make sure the long-term factors underpinning the city's economic success will not be destroyed by the ''rampant desire'' for short-term profit.
    highrise-rush-threatening-citys-liveability
    Last edited by speights boy; 28-09-2013 at 03:04 PM.

  4. #24
    Join Date
    Sep 2008
    Posts
    7,658

    Default

    i'm not aware of any public listing of the leakers

    part of that is litigation fear of the definition of leak

    metropolis denies that it is a leaker, but accepts that it has water ingress issues???

    but their leak levy on a $250K apartment is $5k - 2%

    but at 508 queen street this new? leaker has a levy of 2% just for the legal fund

    the leak repair levy is $28k - 20% of the CV

    and i think there'll be no rent for 6 months to a year while the whole thing is being scaffolded, reclad and repaired

    Updated: 508 Queen St, unit 1L:
    Features: 28m², one bedroom, deck
    Outgoings: rates $736/year including gst; body corp ordinary levy $2146/year, special levy $27,850, special levy for litigation $2229
    Income assessment: not given
    Outcome: declared reserve of $110,000, passed in at $105,000, sold post-auction for $108,000
    Agent: May Ma & Mark Li



    have you defeated them?
    your demons

  5. #25
    Join Date
    Jun 2013
    Posts
    2,158

    Default

    Quote Originally Posted by eri View Post
    metropolis denies that it is a leaker, but accepts that it has water ingress issues???

    but their leak levy on a $250K apartment is $5k - 2%
    A Leaker is one where the cladding system/design/installation has failed to perform to a reasonable degree over a minimum service life. Metropolis, from my understanding, does not have this issue, it's more of a larger scale maintenance issue. I don't know if the root cause is design or construction related, or just from poor maintenance, but just because there is water ingress does not make it a 'leaker'.

    I've had quite a few problems getting cladding on a house of mine repaired, simply because it seems a lot of contractors just don't want to touch anything to do with cladding because of the 'leaky' stigma.

  6. #26

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    Quote Originally Posted by reepr View Post
    But honestly, property is so lazy and easy. Buy well. Wait. Repeat.
    Just wanted to add some balance here, not for you reepr, but for others at the start of their investing.

    As I have said, property is generally a wise investment.
    However, a lot people underestimate or are unaware of the importance of liquidity if things go bad early on.

    Liquidity risk, when it doesn't materialise, is often ignored as if it didn't ever exist.
    It is always there, and new investors should be aware of it.
    As someone's net worth and diversity grows then individual liquidity risks usually will reduce also.

    Dogged determination not enough
    "I just don't understand why it needs to be so complicated. They just fob you off, and grind you down," Jameson said.
    "It's so frustrating. Some of the owners have bought new properties, but their whole life savings are in their apartments".
    Abbot said knowing when it would end was guesswork.
    Tallying up his lost business, interest on the borrowed money, and "massive" engineering and legal fees, Jameson calculates the earthquakes have cost him $1 million.

    "What's tough is that I'm working awfully hard to get the new business together but I have to keep going to the bank for more money.
    "It's hundreds of thousands of dollars - I shouldn't have to be paying interest on all that money when I could use my own."
    Last edited by speights boy; 29-09-2013 at 07:55 AM.

  7. #27
    Join Date
    Sep 2008
    Posts
    7,658

    Default

    a recent comment by city sales, ak's largest? apartment realtors

    "What is also rather alarming is the growing number of remedial issues being identified in existing complexes.

    The implementation of Long Term Maintenance plans, now a requirement under the Unit Titles Act 2010, means buildings are being subjected to closer examination than ever before."
    have you defeated them?
    your demons

  8. #28

    Default

    Although you can leverage equities through the roof, I probably would recommend to keep it modest, maybe around 1.5x. Returns on equity portfolios, especially small cap stocks can be quite high, so there is no need for high leverage on your investment.

  9. #29
    Join Date
    Dec 2004
    Posts
    250

    Default

    Hi Ncinco
    If you can afford a house with land now then do that.
    Land is where the value with subsequent increases over time is.

  10. #30
    Join Date
    Jul 2011
    Location
    Tauranga
    Posts
    2,769

    Default

    Quote Originally Posted by elguapo View Post
    A Leaker is one where the cladding system/design/installation has failed to perform to a reasonable degree over a minimum service life. Metropolis, from my understanding, does not have this issue, it's more of a larger scale maintenance issue. I don't know if the root cause is design or construction related, or just from poor maintenance, but just because there is water ingress does not make it a 'leaker'.
    One would think if there was water ingress then there is a leak/s somewhere. Changing the definition doesn't change the fact - leaky, weathertightness issues, water ingress - expensive solution.


 

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