Monthly Archives: December 2012


Today I received the following flyer in my letterbox and of course was very interested to know what the property had sold for.  I searched online for the original advertisement and found it advertised at “Range $759,000 – $819,000”.  This is a most ridiculous practice and if any Agent ever suggests it to you – tell them NO!  If you, as a buyer, were confronted with an advertisement like this, where would your first offer lie?  At $805,000?  No, I didn’t think so.  You would treat the lower figure as a price the Sellers MAY accept so you would pitch under that.

Of course that actually happened, with offers starting at around $705,000.00

Good Grief!

Good Grief!

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I’ve written previously about the dangers inherent in buying and renting homes that may have been used in the illegal production of street drugs.

The number of homes, units, apartments and lodgings used for these nasty activities is increasing.  There is no Legislation in place for the reporting by Police, other government departments, real estate agents, landlords or sellers to new owners and occupiers as to whether a place has been so used or abused.

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I keep calling, asking, digging and interpreting.  The truth is being kept from us.  The main offenders are Banks and politicians as they don’t want a stampede in the marketplace.

For example did you know that in the June quarter nearly 30% and in the September 2012 quarter more than 25% of commercial property sales were made in distressed circumstances?

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I read a newspaper report quoting local agents as saying the beach-side market is seeing increased activity with properties on the market for weeks instead of months and some for only a few days before being sold.

What can explain this?

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It’s always interesting to look to other country’s recent experiences when faced with dilemmas in your own.  It’s becoming plain that Australian banks have taken advice from post GFC America to ensure they don’t suffer the same catastrophic failures we’ve all seen.  Aussie Bank shares, in the short term at least, continue to climb – it’s amazing to watch.

Jumping out of my real estate skin and into my former role as a trader, I’m betting a spectacular fall in bank share prices in 2013.  If I had the means, I would short the Banks so hard I’d be a “squillionaire” from the coming devastation.

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A house nearby just sold after being on the market for months, for a loss of more than $100,000.00 after 7 years of “ownership” or really having a putrid relationship with a bank who “allowed” the poor “owners” to occupy the property.  I know a little of this place and its distraught former owners.

Their total out of pocket expenses in bank interest, rates, building (not including contents) insurance and repairs over the 7 years amounted to roughly $215,000.00

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On the 6th November I wrote on solar power.  Please see Archives November under Solar Schmolar.

I’ve been warning people ever since the Government introduced the scheme that there were traps for all.  The Contracts covering rebates, credits and prices for power sold back to the grid had hundreds of conditions.

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Provence-Alpes-Cote d’Azure?  or Providence Rhode Island?

Neither!  Provenance… which is from the French provenir, “to come from”.  The word refers to the chronology of the ownership or location of a historical object, but I like to think it can be applied to residential housing of any age.  Allow me to explain how proper “provenance” can add tens or even hundreds of thousands of dollars to the final selling price of your home.

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