Never purchased anything with an asking price.
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I think BayView is trying to see if we as investors with the help of negative gearing have created too much competition for others to purchase.
Looking at my own experience, every IP i've bought has only been a head to head battle with the Vendor, there were no other offers on the table except mine.
Ive never bought inner city, ive bought in mid/outer areas of Melbourne and Brisbane , so definitely first home buyer territory and ive never competed against one.
Was your buyer an investor, or O/O?I paid 25k over asking price for ppor, 12 months later nearly doubled my money on purchase price
Was your buyer an investor, or O/O?
My agenda with this thread is to point out to the anti-NG sooks that ultimately very, very few greedy rich investors are out there throwing money at Vendors like there is no tomorrow, in order to buy a property and shut out the "little folks" and "battlers" and FHB's etc.
I'am the buyer, having trouble trying to work out 0/0 part????
I would of thought that an astute investor would see that paying "overs" is a waste. Why not move onto another investment that ticks all the boxes. There are plenty of fish in the sea.
Was your buyer an investor, or O/O?
On that note; we bought our PPoR No.3 for $450k, and sold it 2 years later for $750k - to an O/O.
I have bought several at auction, however they have always been in a depressed market & there hasn't been much, if any, competition.
Have bought a couple of new properties and paid the asking price on them.
It's all about both timing & knowing your market. Strong demand could just be a by-product of a fast moving market. That's not when I like to buy. I like to buy when buyer demand and confidence is low. Team that up with an auction in an area where auctions are not popular and you've got the perfect scenario to get a bargain, so long as the reserve is set at the right price.It depends on your strategy but I've always viewed competition as a good thing, especially if you're looking to buy and hold. If there is strong demand when you buy, then there will/should be strong demand when you sell. And we all know that demand drives capital growth. Obviously you need to use common sense in this approach - don't just pay any price because others are willing to.
I'm talking about a property with an actual advertised price - which ultimately is always tied in to the final valuation price.
My agenda with this thread is to point out to the anti-NG sooks that ultimately very, very few greedy rich investors are out there throwing money at Vendors like there is no tomorrow, in order to buy a property and shut out the "little folks" and "battlers" and FHB's etc.