Xr6t And A Mortgage?

[typhoon_freak]

hmm I do seem to spending to much on my phoon.. but I am buying a house early next year.. so I go all out on the phoon this year and be a tight ass next year

[shaunbags]

well I had a house last year, then had a quarter life crisis and sold it and bought some toys, f100, 1800cc cruiser............not the smartest move but f#*k it you only live once

[tmac450]

Buying in NW Sydney ie Kellyville , given the NSW govt has canned the rail link is a good call ? My GF owns a home there, and the prices have gone south to say the least. Beaumont Hills is the premier area in the Kellyville area agreed.

There is a house around the corner that has 5 beds , 3 bathtrooms and has been just sold after being on the market for 4 months, for less than $500k, views of the Blue Mountains as well.

I see your equity in flames, sorry to say. The Kellyville area has the highest levels of foreclosures in the country. No suprise there.

I am waiting with the cheque book in hand for another bargain. Good for some it would seem

Do not sell ATM, or you will be rogered large. Personally you should be sweet given your low cost of entry

There's more to that than a drop in the housing market.

The reason Kellyville is hit so hard is because for too long the houses were way over priced. Developers were selling houses for up to double their market value, and did snare their fair share of unsuspecting buyers. Then when things became tight and owners had to sell, they found the houses weren't worth what they paid. It's not that the values dropped per say, they just paid too much in the first place.

This was the topic of a Jenman report a little while ago where 6 houses in 1 street went up for mortgagee sale around 2 years after purchase. All of the houses were purchased from the developer for between $600 - 800k, but were only reselling for $400 - 500k. Jenman found the original real estate valuations for the houses were closer to the $400 - 500k mark, but the developer wanted more.

The few remaining acerages in Kellyville still continue to increase in value, it depends on the indvidual situation. Not all property values are decreasing, and real estate is certainly more secure than the stock market.

In the longer term, real estate will pretty much always increase in value, short term property investment is never advisable.

By the way, if the North West rail link does go in, you can count on real estate values dropping within a 2k radius of the rail line.

[Worm]

f*cking hell this tops the most pointless show off thread of them all worm

lots of people have a mortgage!

Hmmm... It has nothing to do with showing off... I have a mortgage...

Being a teacher, I was trying to work out how all of these young people afford T's at 18-21???

When I was in year 12 (1996), if someone had a bottom end EA/B or VN/P, they were seen as a god... Now kids come to school with brand new Nissan Tiida's, Hyundai Getz, Lancers etc... I dont know how they afford it...?

I just wanted to know if the youngens were sacrificing setting themselves up by buying a car they cant really afford. When I was younger, I bought an XE ESP, but that was like $8k which I thought was ridiculously expensive... LOL But 18-21 year olds are spending $50k on FPVs? What the?

I still feel like I have overspent in spending $30k with mods on my car... I didnt think I would ever spend that much on a car. I can afford it... But I still think its expensive to spend on something that depreciates so quickly... I dont drink, or smoke... Or go out spending lots of cash, so that's how I justify it.

[Howsee]

I live at home and HAD a loan on my t. I will admit all my money went into the car, I was happy doing that but realised last month that I was pouring more money into something that was going to be worth less and less. so I decided after 18 months that I would sell it so I can put together a housing deposit. lucky for me I got my car at a very good price ($22g in april 07) for a late 03 and sold it recently for $20g with about $8g worth of work done. I can guarantee I will not borrow money again for a car, as you end up paying more for something that loses money quickly. if I hadn't of bought the t when I did and saved til now, I figure I would have roughly $40-50g in the bank...

my 2cents...

[Davecdp]

I have a (big) mortgage and own my T, I used the offset in my mortgage to buy my T so I only have the one debt, plus its a lower interest rate etc......

I have a tight budget but I think one of the best things about a T is that the mods are quite cheap compared with other cars I've modded so it’s realistic to have a quick car and a house.

[R-SPEC]

That was silly. A house appreciates, a car dies in the arse. So you're left paying about $10 a month off your car while it goes down, and when you sell it, you'll be left with absolutely no chance of remotely breaking even.

[Davecdp]

well it was the only way I could get a T, I wouldn't have been able to get seperate finace.

[R-SPEC]

At the end of the day, at least you've got one

Edited 29/10/08 12:36 AM by R-SPEC

[Dillz]

Jet, if you've got the drive or ambition it can be done. I was working 4pm - 6.00 am shifts six days a week as a boilermaker/pressurewelder and worked 9 hrs on sundays. + after my 14 hr shift I worked as a casual cleaner in a factory over the road for 3 hrs and did that for a few years. Found when you have a goal and you start getting money in the bank you get on a roll which makes it seem worthwhile although a bit tired. that's how I saved the money for my first block of land in Kellyville in n/west sydney. Paid 42,000 in cash for the land (1982) and borrowed for the house only.

Cheers

Could not agree more.