Property

New Delhi: The Supreme Court postponed to Friday the hearing of fugitive Indian businessman Vijay Mallya’s plea against the provisional attachment of his “untainted” properties, granting a request by his lawyer Fali S Nariman. These properties refer to assets not connected in any way to Mallya’s failed company, Kingfisher Airlines, under the Fugitive Economic Offenders Act. Mallya had objected to the confiscation of his assets in United Breweries Holdings Ltd. and other personal assets in the Bombay High Court, which had turned down his pleas. This included private companies held by other members of his family. The Enforcement Directorate had asked the Prevention of Money Laundering Act court to declare Mallya a fugitive and allow his properties to be confiscated, as per the FEO Act. Mallya moved the top court contesting the confiscation of his unrelated and untainted assets on several counts: the FEO Act was used retrospectively, there was no provision for … [Read more...] about SC defers Mallya’s plea on ‘untainted’ properties

Theo Hancock, who now lives in Auckland in New Zealand but who previously lived in Queensland, took to social media late last week to announce he had purchased an investment property – at the age of just 18. He had snapped up a house in Whangārei in New Zealand’s North Island which cost $NZ280,000 ($A268,000) – a feat he described as a “big goal achieved” – and also said he planed to buy three properties per year moving forward. The story of a teenage Macca’s worker-turned-property mogul quickly gained media attention, but also sparked backlash after it emerged Mr Hancock’s father had loaned him the rest of the money he needed, which meant he didn’t need to take out a traditional mortgage with a bank. Welcome to Foot in the Door, news.com.au’s series on first-time homebuyers. Source: News CorpSource:Supplied But Mr Hancock told news.com.au some of the media attention he had gained since buying his home – which he … [Read more...] about Teen reveals how he bought his first property after saving $30,000 deposit working around school

The 27-year-old property mogul bought his first rental — a $138,000 unit on the NSW Central Coast — at the age of 19 while still earning just $500 a week working at McDonald’s, having saved all the way through high school for a $20,000 deposit. In the next eight years, as house prices in Sydney and Melbourne skyrocketed off the back of a tsunami of cheap credit and record population growth, locking many young people out of home ownership, Mr Dilleen avoided the country’s two major housing markets. Instead, he amassed a portfolio of rental properties in cheaper markets like Adelaide, the Gold Coast and outer Brisbane, using the equity in each new property to fund the next — a popular but risky strategy criticised by some as “mortgage Ponzi finance”. Today Mr Dilleen’s portfolio is valued about $4 million and brings in annual rental income of around $230,000. His total mortgages come to “just over” $2 million with annual … [Read more...] about Fourteen properties and $4 million later, former McDonald’s worker Eddie Dilleen buys his first home

RiskWise Property Research has compiled a list of the Top 10 Danger Zones throughout Australia, identifying areas with a large stock of off-the-plan units, especially in the cases of oversupply, to be the most at risk. MORE NEWS: Aussie homeowners get nasty new year surprise Georgie Gardner scores the keys to new home VIP’s eye epic $15 million penthouse Three NSW and three Queensland suburbs made it on to the list as well as two each from Western Australia and Victoria. Adelaide (postcode 5000) came in at No. 11. Taking out the top spot on the list is Rouse Hill, in NSW, where additional units coming on to the market make up more than 300 per cent of the current stock. Rouse Hill Station, artist’s impression.Source:Supplied Norwest, also in NSW, comes in at number two — with more than 200 per cent stock to come on to the current market. Slipping down the list was NSW’s Zetland which last year came in at number one but this year only made it to … [Read more...] about Australia’s top 10 property danger zones in 2019

From that first property — a $138,000 unit on the NSW Central Coast — the 25-year-old has built up a portfolio of 10 properties worth about $2 million across Brisbane, the Gold Coast and Adelaide. Mr Dilleen, who grew up in Mt Druitt in Western Sydney, said he started getting “really obsessed” with property by the age of 16. “I grew up with a single mother on a pension, so we never owned a home of our own, we were living in housing commission or renting,” he said. “My friends had houses, I knew in the future they would own those one day. I thought, ‘I’ve got to do something about this.’ I started saving, I did a lot of research. At the time I was on a $500-a-week income, no one would give me finance.” After being knocked back by six different banks, he realised he would have to purchase a very low entry price property with a high rental yield. His two-bedroom Central Coast unit, which has today nearly tripled in value, … [Read more...] about ‘You have to start thinking ahead’: How a Macca’s worker on $500 a week bought his first property at 19