Great if you’re an investor. Pity the school leavers from low income families, who in the past hada every chance to enter the market, own a home, if they wanted to.
Part of me thinks times have changed and we all just have to adapt and move on.
Are you going to be able to afford a nice big house on a good sized block within 10kms of the city? Youngins can forget about that.
Plenty of opportunity to live in apartments or newer residences further away. Or renting.
I think we have a strange and unnecessarily prohibitive ideal that we need to own property for the sake of security or that doing so is representative of success. I’m not sure either are true.
A shitload had changed over the past 40 odd years but our attitude towards housing hasn’t.
We sold our business property at a price much higher than I thought, and we found a new place closer into the city that we can fitout to suit our needs.
We settled on the sale and then we were supposed to settle the purchase on Nov 1. Except it seems the owner has gone broke and his Company is being liquidated, so we are in limbo. We had already moved in and spent money on securuty, and it is not sure if the sale will proceed and if we will get our deposit back.
Guess in future we need to do a credit check on any vendors !!
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at least you aint these guys
Kind of on the seller’s side here.
If you can’t organise settlement two and a half months after purchase then you’re taking the ■■■■.
I’ve heard of it happening quite often and it’s a nightmare for the sellers.
The less than 8% deposit would have been a major concession in the first place (and definitely not instilling confidence that they could fulfil the contract ever anyway).
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It was the banks fault and they got their money back.
What exactly did the vendors do wrong in that story?!
If they have gone broke, the liquidator might be very happy to see those funds still come in. As it is guaranteed for them.
And your deposit should still be with the agent/lawyer, shouldn’t it?
Unless their are major shenanigans going on with the contract, you might still be ok, or be able to recover funds from someone else who has screwed up.
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Hope so, but no-one seems sure where the deposit is.
I should have smelt a rat, when it took so long for the sales contract to be organised.
they did alright out of it after media bank gave them 100k compensation for loss.
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if they did a section 27 it could be released to the vendor early.
This bit is very suss, but if someone has allowed access to this money before settlement (illegally essentially) then you should be able to go them for your money back at the very least.
Obviously doesn’t help with the likely timeframes involved in any dispute & disruption to your business in the meantime though.
Hope it works out for you quickly though.
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Probably I let that slip through.
I still want to buy the place and we will not move out until it is settled one way or the other.
you have no say in the matter, its between vendor and bank
disregard this is wrong
No bank involved.
I should have looked at the title more clearly, as the mortgagees looked like a list of chinese gangsters.
We told our lawyer that she needs to fix this, as I guess we pay her to look at for us.
if the deposit is gone youd better chase up your agent/advocate as well
It’s a massive driver of wealth inequality and financial security through retirement.
If you’re ok with landed gentry and serfs, then fine. If not, it should be recognised as a huge problem.
I think it’s ultimately a huge constraint on the main driver of our economic growth. Larger and larger portions of income being eaten up by a smaller and smaller collection of “necessities”. Disposable income shrinks, R&D investment ultimately shrinks.
Pretty much. What do you think the solution should be?
Not pretending there’s any easy solutions.
The obvious tax changes, foreign ownership, and even cap domestic ownership (at least via taxation). Set requirements for low income housing by area. Not expecting them to solve the problem though.
Serious decentralisation is probably a big one. Would help with a number of different issues.
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More than happy to pay extra tax but not sure you can limit the amount of properties you own. Not everyone who accumulates properties is a multi billionaire and many build their portfolios slowly through wise choices or luck with a stack of hard work thrown in
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We were looking to buy an investment down your way but were holding off for the smelter contract to get renewed. We shouldn’t have.
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