Rich lister on buying homes: ‘Stop buying $4 coffees’ & feel ‘Poor Me’

Posted by Henry | PEOPLE,REAL ESTATE PROPERTY,SUCCESS STORIES | Monday 15 May 2017 12:51 am

One of Mr Gurner’s luxury developments in Brisbane’s Fortitude Valley.

A YOUNG rich lister who made his fortune off the back of Australia’s capital city property boom says his generation needs to stop buying $4 coffees and travelling if they want to own a home.

Developer Tim Gurner, 35, is worth nearly half a billion dollars but has delivered a brutal smackdown to some would-be first home buyers struggling to get a toehold in the market.

“When I was buying my first home, I wasn’t buying smashed avocado for 19 bucks and four coffees at $4 each,” he told 60 Minutes in a segment exploring Australia’s housing affordability crisis.

“You have to start to get realistic about your expectations. There is no question we are at a point now where the expectations of younger people are very, very high.

“They want to eat out every day, they want to travel to Europe every year. This generation is watching the Kardashians and thinking that’s normal. Thinking that owning a Bentley is normal, that owning a BMW is normal.

Property developer Tim Gurner made his fortune riding the property boom.News Corp Australia

Mr Gurner, who ranked 157 on this year’s Financial Review Rich List after making $473 million in 10 years He started out by taking over a lease on a suburban gym as a 19-year-old, using $34,000 given to him by his grandfather. He sold the business a year later to a competitor and went into property development, riding the boom in Melbourne and Brisbane. His Gurner company now has 5000 apartments worth $2.7 billion on its books.

Mr Gurner said there was “no question” many young people today were blowing their money on a lifestyle, then whingeing about homes being too expensive.

“You’re not going to get a house in Camberwell for $700,000, you’re not going to get one in Alexandria in Sydney, you’re not going to get one in Newstead in Brisbane. I mean the market has changed.”

“I think until this generation realises that the people that own homes today worked very, very hard for it, saved every dollar, did everything they could to get up the property ladder (they won’t get ahead)

“You might have to buy an investment property first, you might have to share with mum and dad, you might have to buy with a friend, but you’ve got to get your foot in the door and you’ve got to slowly get up the ladder.”

www.money-au.com

Henry Sapiecha

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LOOKING FOR A HOUSE TO BUY, FOUND ONE, MADE AN OFFER & IT WAS ACCEPTED, SO WHAT’S NEXT?

Posted by Henry | BUYING PROPERTY,HOME LOANS,HOME OWNERSHIP,REAL ESTATE PROPERTY | Monday 28 October 2013 9:35 am

SO YOU HAVE SOUGHT A HOUSE, MADE AN OFFER & IT WAS ACCEPTED-WHAT NOW?

buying house by couple image www.australianmortageloans

You found the right house for you, made an offer and were successful- Congratulations! You’re almost there, but before you can call the place yours, you need to get all that paper work right. Have a read here to find out what the next steps are after your successful offer.

Contracts

The selling agent will provide the contract of sale to all interested parties. Once you agree to purchase the home, you will need to provide a copy of the contract of sale to your lender. It’s best to get your solicitor or conveyancer to check over the contract of sale before signing, so be organised if you are planning to purchase via an auction.

State government laws govern property sales in Australia, so check with your local authority to understand any specifics to your locality where cooling off periods and other stipulations are concerned.

Home loan application

Once your contract of sale is completed it’s time to finalise your home loan application. It pays to research a variety of home loans along the way and get a handle on the various product features that might suit your life stage and the longer term plans you have for the house.

Settlement

The most common question asked is, “How long is settlement?”. The time that it takes for your property to settle, and for your loan to be drawn down can vary, but the usual terms include 30, 60, 90 or 120 days. In that time, your bank works with your conveyancer/solicitor (which you have nominated) to get all your paper work ready in time for settlement day.

Settlement day usually involves a face to face meeting between the seller’s solicitor/conveyancer, the seller’s bank representative and the purchaser’s solicitor/conveyancer and bank representative. The meeting will usually take place at the vendor’s bank or solicitor’s office or wherever the vendor’s solicitor chooses.

During the meeting, all documents, including Title, Transfer of Land and other documents will be reviewed by all parties. An exchange of funds is then completed subject to all parties checklists being ticked and all documentation being approved. Your bank will supply cheques for the purchase price (less the deposit you have already paid).

The title is then held by your bank and your loan is drawn down on the day of settlement. Most lenders require that direct debits are then set up, ready for your first mortgage payment. The first payment is usually due a month after your loan is drawn.

Once settlement is confirmed, all you need to do is collect the keys from your real estate agent and your house is finally yours!

LARGE RECTANGLE

Henry Sapiecha

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BORAL HAS GRIM OUTLOOK ON AUSTRALIAN HOUSING MARKET DESPITE LOW INTEREST RATES

Posted by Henry | HOUSING DEMAND,INTEREST RATES,REAL ESTATE PROPERTY | Monday 6 May 2013 10:56 pm

IS THE AUSTRALIAN HOUSING MARKET GOING UP OR DOWN

Demand for new housing might be going backwards despite historically low interest rates, according to Boral, prompting the building products supplier to slash its profit forecast and flag more manufacturing job cuts.

Boral chief executive Mike Kane said the Reserve Bank’s round of interest rate cuts over the past year or so had done little to improve demand for housing or for his company’s bricks, cement and roof tiles. ”I’ve seen articles suggesting that at these low interest rates, house prices should improve,” Mr Kane said.

”But we just haven’t seen any green shoots in terms of demand.”

Boral’s move comes as expectations of an interest rate cut by the Reserve Bank remain finely poised, despite persistent concerns in the slowing mining sector and a subdued broader economy – evidenced in fresh retail and inflation data that underwhelmed.

Other big companies providing updates on Monday also sounded a cautious note. Australia’s largest construction and mining contractor, Leighton Holdings, also warned of a ”challenging macro-economic environment”, especially in contract mining. Explosives and farm chemicals supplier Orica said demand was shrinking for its mining equipment ”across all its regions”.

And with the RBA meeting on Tuesday to decide whether to cut interest rates for the first time this year, Mr Kane joined a chorus of building industry leaders in calling for the bank to act.

”To the extent that rate cuts could help the housing industry, this industry needs some help,” Mr Kane said. ”It’s not improving at all. And as we get through the next quarter, we’ll determine whether it’s going backwards or not – but it’s been stuck for some time.

”The continued weakness in the Victorian market especially suggests that housing demand in Australia is directionally challenged.”

Boral has been on a cost-cutting drive since Mr Kane’s predecessor, Mark Selway, took the helm three years ago. It sacked 700 workers in January and Mr Kane did not rule out further cuts, while declining to estimate the number of jobs that would need to go.

”[There’s] always a possibility of more job cuts,” he said, adding the building products division was under a lot of pressure.

Boral said its construction materials and cement division’s third-quarter earnings were affected by declining residential construction activity in Victoria, project delays in Victoria and South Australia and poor weather in south-east Queensland.

It now expects net profit before significant items for the year to be in the range of $90 million to $105 million. Construction materials and cement third-quarter earnings were $19 million below forecast.

Mr Kane said the trend in capital cities towards medium-density housing had also contributed to lower demand due to its lower use of Boral’s more traditional suite of building products, such as brick and tile.

”That means Boral’s building products division has to shrink,” he said.

Monday’s profit write-down contrasts with an announcement in January where it had a ”stronger than expected” December quarter and upgraded its expected profit.

Mr Kane said the inconsistency in profit forecasting was partly down to the unpredictable weather, particularly in Queensland.

Boral said its Australian building products, while benefiting from restructuring and cost-cutting, had reported a further dip in earnings from its timber operations due to a high Australian dollar and overseas competition. It said the improvement in the US housing market – where it had been making a loss since the financial crisis, – did not offset the downturn in its domestic market.

Henry Sapiecha
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LUXURY 5 * BEACHFRONT APARTMENTS IN QUEENSLAND AUSTRALIA GOING UNDER THE HAMMER VIA AN ONLINE AUCTION

Posted by Henry | FINANCE & INVESTMENTS,OPPORTUNITIES,REAL ESTATE PROPERTY,SUPER SPECIAL DEALS | Thursday 9 February 2012 7:31 pm

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IT’S NOW OR NEVER TO BUY INTO THE USA HOUSING MARKET TO SECURE THE DEALS

Posted by Henry | FINANCE & INVESTMENTS,OPPORTUNITIES,REAL ESTATE PROPERTY,SUPER SPECIAL DEALS | Monday 30 January 2012 9:11 pm

NOW IS THE BEST TIME TO INVEST IN THE USA PROPERTY HOUSING MARKET, GETTING GREAT RETURNS & MORE

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USA Homes are going very cheap & it is suggested that the property market there will skyrocket in 2-3 years. If that is the case you need to see the report. Get it for free so it can work for you
CHECK IT OUT HERE BY CLICKING THE PIC BELOW

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M-0411896524
www.acbocallcentre.com
www.newscorp.ws
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