WENDELL HUSSEY | Cadet | CONTACT
A local Betoota Grove owner of property has today spoken to our independent news organ about his outlook on the economy.
The man who bought his first investment property in 2007 and has since turned it into a portfolio of 11 properties across town (and one down the coast where he frequently goes on holiday…) explained to us that he’s not so blue sky as others.
“Look the these rate cuts are really nice and all, but I’d like MORE,” said Richard Graham, who’s just signed a contract for his next investment property.
When asked whether the cut would lead to him doing any of the work requested on his swathe of homes, Graham laughed.
“Hey hey hey,” he said.
“Let’s not get too ahead of ourselves.”
“I’d like to see a bit from the RBA before I fix up the leak at 43 Daroo Street if that’s what you are talking about?”
“Ideally rates drive prices through the roof again and I can do some minor cosmetic work and flip that place.”
Graham’s comments come off the back of 3 consecutive interest rate drops, which consequently haven’t lead to a single rent reduction in the entire country.
The previous rate raises had off course led to rent hikes of as much as 100% in a couple of years across various suburbs, with landlords lefts furious they might have to actually fork out some money for their investments.
Questioned on the prospect of a rent reduction now that the structured loans on some of his properties had reduced significantly (with more to come), Graham burst into stitches.
“Oh that’s good.”
“Pull the other one.”
More to come.
