dmitri said..
also recently i had a chat with young enthusiastic an IT indian bloke. been in oz for 6 years he bought 3 properties already.
his plan is buying new property every 1-2 years using equity from the previous ones he bought for borrowing and paying interest only.
apparently there are heaps investors like him out there. its a game with minimum risks for them since they can easy walk away from their mortgages if something goes wrong.
some might say no, they can't do it in australia like they did in america.
well, i guess all they have to do is just buy one way ticket.
This scheme started with HK people late 80s, early 90s. Used to know heaps of them - they'd come here, buy one or a few places in Sydney,
get citizenship in case, and eventually cash in and go back home, taking the $$ out of Oz.
Or just rent out whilst living back home, also taking $ out of the country.
I say "used to", because now it's from way more than just HK.
I'll bet you this (smart) indian guy will go back home in very few years, milking Australia for his early retirement.
And why not - nothing illegal there.
The laws put in place by Hawke and Keating contribute little money into the country, but they're bleeding the place dry.
but nothing can go up in value for ever its just common sense and maths and has been shown all over the world yet alot of people like to believe that there living in some sort of magical country where property will go up for ever.
