benson1610 recently my son went overseas and asked me to bid on...

benson1610
recently my son went overseas and asked me to bid on a property whilst he was away . the property here was within 6km of adelaide but had major salt damp problems and was treated and underpinned . the agents had the price marked down because of its condition ,to me it was a bulldozer plus clean up plus block price . I was in a bidding war with a young couple and Daddy's super fund retirement money , I gave up when it got to dizzy heights because they were emotive and would have bought it at any price or would have stuck me with an outer space price on a winning bid.
These are abnormal prices to me , but I am unsure if we are nearing a bubble now or topping out ..if/when the interest rates rise there will be a lot of mortgagee sales on the market , when? don't know..
I am in your corner , my younger son is in the same predicament as you ...he is up against daddy's super money , asian buyers and would be "property moguls "
Unfortunately we may be "catching up" with the trend in europe over the last 300 years , it takes generations to pay off property , some generations just rent fullstop , there is no shame in that , its prob cheaper in the longrun but we still want that aust dream...
I tell my son to lower his sights and move further out , after a few years when he becomes more established / more equity in his home then venture back closer to the city , forget about keeping up with the jones or having it all now ,I waited years....
Good luck to you and my son in your quests Benson
cheers Baxter