Post to Facebook on 14/4/2019 at 10:41 AM
https://www.facebook.com/groups/265025120814400/permalink/355838295066415/
It was 4 years ago. Rising star Kelly O’Dwyer gave a presentation of the forthcoming changes to the FIRB policies at REIV.
The room was about 3-quarter full. I could not identify any of the bosses or senior staff from Mount Waverley, Glen Waverley or Wheelers Hill in attendance, except a former student of mine.
Unfortunately, many agents and agents representative did not take note nor advised their former clients of the government amnesty given to foreign investors who had purchased properties without approval of FIRB. The amnesty was granted between May and November 2015.
In fact laws continued to be broken because those unethical representatives, who either ignore the laws or could not understand the laws. Money was still flowing in legally and by other means to invest in properties.
The frenzy and madness had already started and it was difficult to slow down or stop. It lasted for another year before governments on China and Australia slammed on the money brake.
In fact, the high end price properties and MacMansion were falling out of favour. I could not dissuade an acquaintance in spending over $3.2 million in purchasing a new house and $1.2 million for a slightly renovated 3-BR property, because they were just following their peers and thought that they knew market better than I.
It is always easy to say, “I knew it”, or sigh after the boat is gone, “I wish I bought it”.
Signs are generally there before the occurrence of an important event. Prophets know this, and in fact people have that precognition too. The question is, “what actions are you going to take?”
The doom and gloom continues on. Are you joining the band wagon, or are you ready to do something positive?
Property investment involves a lot of money, and must not rely on guts feeling. You need to go out to look, feel and touch before placing your bet. If in doubt, ASK, ASK and ASK until you understand.
Thank you for reading.
https://www.facebook.com/groups/265025120814400/permalink/355838295066415/
It was 4 years ago. Rising star Kelly O’Dwyer gave a presentation of the forthcoming changes to the FIRB policies at REIV.
The room was about 3-quarter full. I could not identify any of the bosses or senior staff from Mount Waverley, Glen Waverley or Wheelers Hill in attendance, except a former student of mine.
Unfortunately, many agents and agents representative did not take note nor advised their former clients of the government amnesty given to foreign investors who had purchased properties without approval of FIRB. The amnesty was granted between May and November 2015.
In fact laws continued to be broken because those unethical representatives, who either ignore the laws or could not understand the laws. Money was still flowing in legally and by other means to invest in properties.
The frenzy and madness had already started and it was difficult to slow down or stop. It lasted for another year before governments on China and Australia slammed on the money brake.
In fact, the high end price properties and MacMansion were falling out of favour. I could not dissuade an acquaintance in spending over $3.2 million in purchasing a new house and $1.2 million for a slightly renovated 3-BR property, because they were just following their peers and thought that they knew market better than I.
It is always easy to say, “I knew it”, or sigh after the boat is gone, “I wish I bought it”.
Signs are generally there before the occurrence of an important event. Prophets know this, and in fact people have that precognition too. The question is, “what actions are you going to take?”
The doom and gloom continues on. Are you joining the band wagon, or are you ready to do something positive?
Property investment involves a lot of money, and must not rely on guts feeling. You need to go out to look, feel and touch before placing your bet. If in doubt, ASK, ASK and ASK until you understand.
Thank you for reading.
