‘What Was I Thinking?’ The Big-Ticket Items People Regret
Kanebridge News
    HOUSE MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $1,720,356 (-0.49%)       Melbourne $1,032,164 (+0.03%)       Brisbane $1,202,525 (-0.01%)       Adelaide $1,059,532 (-1.15%)       Perth $1,096,286 (-0.29%)       Hobart $849,704 (-0.37%)       Darwin $877,272 (+3.98%)       Canberra $995,722 (-0.75%)       National Capitals $1,163,582 (-0.23%)                UNIT MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $795,900 (-0.08%)       Melbourne $545,068 (-0.01%)       Brisbane $777,731 (-0.07%)       Adelaide $576,738 (-0.14%)       Perth $645,865 (-0.73%)       Hobart $574,457 (+1.02%)       Darwin $464,473 (-1.78%)       Canberra $499,147 (+2.13%)       National Capitals $631,243 (-0.02%)                HOUSES FOR SALE AND WEEKLY CHANGE     Sydney 13,852 (+48)       Melbourne 16,321 (+165)       Brisbane 9,348 (-171)       Adelaide 3,241 (+62)       Perth 8,046 (+66)       Hobart 725 (+8)       Darwin 162 (0)       Canberra 1,155 (+37)       National Capitals 52,850 (+215)                UNITS FOR SALE AND WEEKLY CHANGE     Sydney 9,523 (-44)       Melbourne 6,961 (+55)       Brisbane 2,097 (-8)       Adelaide 561 (+17)       Perth 1,557 (+21)       Hobart 167 (+6)       Darwin 221 (+2)       Canberra 1,239 (+5)       National Capitals 22,326 (+54)                HOUSE MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $875 (-$5)       Melbourne $620 (+$10)       Brisbane $710 (-$10)       Adelaide $665 (+$5)       Perth $750 ($0)       Hobart $620 (+$5)       Darwin $850 ($0)       Canberra $750 (+$10)       National Capitals $741 (+$1)                UNIT MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $850 ($0)       Melbourne $630 (-$5)       Brisbane $680 ($0)       Adelaide $570 (+$10)       Perth $700 ($0)       Hobart $545 (+$23)       Darwin $650 ($0)       Canberra $600 ($0)       National Capitals $665 (+$2)                HOUSES FOR RENT AND WEEKLY CHANGE     Sydney 6,498 (+32)       Melbourne 7,465 (-11)       Brisbane 3,655 (-41)       Adelaide 1,394 (+25)       Perth 2,273 (-9)       Hobart 247 (-6)       Darwin 41 (-1)       Canberra 470 (+19)       National Capitals 22,043 (+8)                UNITS FOR RENT AND WEEKLY CHANGE     Sydney 10,261 (+44)       Melbourne 6,264 (+33)       Brisbane 2,022 (+13)       Adelaide 418 (+5)       Perth 817 (-31)       Hobart 72 (-4)       Darwin 69 (-18)       Canberra 763 (+1)       National Capitals 20,686 (+43)                HOUSE ANNUAL GROSS YIELDS AND TREND         Sydney 2.64% (↓)     Melbourne 3.12% (↑)        Brisbane 3.07% (↓)     Adelaide 3.26% (↑)      Perth 3.56% (↑)      Hobart 3.79% (↑)        Darwin 5.04% (↓)     Canberra 3.92% (↑)      National Capitals 3.31% (↑)             UNIT ANNUAL GROSS YIELDS AND TREND       Sydney 5.55% (↑)        Melbourne 6.01% (↓)     Brisbane 4.55% (↑)      Adelaide 5.14% (↑)      Perth 5.64% (↑)      Hobart 4.93% (↑)      Darwin 7.28% (↑)        Canberra 6.25% (↓)     National Capitals 5.48% (↑)             HOUSE RENTAL VACANCY RATES AND TREND       Sydney 1.4% (↑)      Melbourne 1.5% (↑)      Brisbane 1.2% (↑)      Adelaide 1.2% (↑)      Perth 1.0% (↑)        Hobart 0.5% (↓)       Darwin 0.7% (↓)     Canberra 1.6% (↑)      National Capitals $1.1% (↑)             UNIT RENTAL VACANCY RATES AND TREND       Sydney 1.4% (↑)      Melbourne 2.4% (↑)      Brisbane 1.5% (↑)      Adelaide 0.8% (↑)      Perth 0.9% (↑)      Hobart 1.2% (↑)        Darwin 1.4% (↓)     Canberra 2.7% (↑)      National Capitals $1.5% (↑)             AVERAGE DAYS TO SELL HOUSES AND TREND       Sydney 35.2 (↑)      Melbourne 34.9 (↑)      Brisbane 38.0 (↑)      Adelaide 28.3 (↑)      Perth 41.9 (↑)      Hobart 31.0 (↑)      Darwin 29.9 (↑)      Canberra 34.7 (↑)      National Capitals 34.2 (↑)             AVERAGE DAYS TO SELL UNITS AND TREND       Sydney 32.7 (↑)        Melbourne 30.5 (↓)     Brisbane 34.6 (↑)      Adelaide 29.5 (↑)        Perth 39.2 (↓)     Hobart 29.5 (↑)      Darwin 31.9 (↑)        Canberra 37.9 (↓)       National Capitals 33.2 (↓)           
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‘What Was I Thinking?’ The Big-Ticket Items People Regret

People spend a lot of money on all sorts of things, only to later ask themselves: Why?

By BETH DECARBO
Tue, May 21, 2024 9:01amGrey Clock 5 min

While it may be true that money can’t buy happiness, that doesn’t stop people from trying.

And then wishing they hadn’t.

Many of us have had a big-ticket expenditure that we later come to regret. Maybe it’s something meant to convey status, which we realise later did nothing of the sort. Maybe it was to fulfil dreams of a luxury lifestyle, only to discover that we’ve bought a bottomless money pit.

We asked Wall Street Journal readers to share their stories of pricey purchases that ultimately led to disappointment. Below are some of their stories and reflections—with some free advice to their younger selves.

The wristwatch of his dreams

“It was back in day of wingtip shoes, white shirts and red ties,” says Bryan Desloge, who began his career at IBM in 1984. And like many rookie employees, Desloge wanted to fit in. “I bought suits. I took my earring out. I cut my hair and I registered in the Republican Party,” he says. To complete the look, he paid over $7,000 for the wristwatch of his dreams—a Rolex Submariner. It was a hefty sum, considering he was making roughly $18,000 a year.

Now 64 and retired, Desloge says his younger self saw the stainless-steel watch as a status symbol. “The older guys had nice dress watches already, while I wore a Casio or a Timex.” Just two years after buying the Rolex, however, Desloge realised the timepiece was impractical for him. “The Rolex is great, but I don’t want to look at a clock face,” he says, “and the glow-in-the-dark hands are hard to read at night.”

Desloge, who lives in Tallahassee, Fla., recently tried to give the Rolex to his son, who turned him down. So it remains tucked away in favor of a Garmin smartwatch, which has a fitness tracker, alerts and email, among other features. Purchased for about $500, the Garmin can multitask in ways his Rolex cannot. “I will probably wear that watch for the rest of my life,” Desloge says.

Cabin fever

The family called it “the little brown house,” says Michael Kotas of his vacation cabin in the mountains overlooking Tucson, Ariz. In 2005, Kotas and his wife paid $120,000 for the 1950s cabin, and it needed a lot of work.

“We bought it from an older couple, who had dark rugs and wood paneling,” says Kotas, who is now in his mid-60s and retired from a job in technology sales. He redid the cabin “with a cool Manhattan vibe,” updated the electrical wiring and corrected a flooding issue in the basement. In all, Kotas estimates he spent $60,000 in upgrades.

But his financial headaches were far from over.

Even though Kotas owned the cabin, the federal government owned the land it sat on, since it was located within the Coronado National Forest. Leasing the land cost $800 a year when the cabin was purchased, but eventually grew to $3,600 a year by the time it sold.

During that time, two fires came within 100 yards of the cabin, jacking up Kotas’s fire-insurance premiums. Then, a species of bark beetle attacked ponderosa pines there, and the Forest Service required cabin owners to remove infested trees around their property, costing $1,000 to $1,200 a pop. “I counted all my trees around my house and thought, ‘I can’t afford this.’ ”

Over time, Kotas’s children didn’t want to go to the cabin anymore, saying “there was nothing to do,” he says. “We ended up spending about five nights a year there for the last several years.” Kotas, whose year-round home also is in Tucson, came to the realisation that he wasn’t getting his money’s worth. “It became an albatross,” he says.

The tipping point came when a man parked his truck just 100 feet from the cabin and lived out of his vehicle on the side of the road. Kotas sold the cabin in 2022 for $195,000.

“I would probably never buy a vacation home again,” he says. “It was a tough lesson to learn. I wish the [new] buyers well, but all I can say is, ‘Good riddance!’ ”

RV to nowhere

After retiring from a career in ophthalmology, Gordon Preecs bought a large pickup truck in 2013 and a 22-foot travel trailer in 2017 with the dream that he and his wife, Connie Preecs, would visit national parks around the country. Combined, the new vehicles cost around $50,000.

Living in Seattle at the time, the couple started out by taking the RV on short trips, such as an event for woodcarvers in Washington state. It didn’t take long for them to feel pinched in a 120-square-foot RV. “I thought we’d have our own hotel” with an RV, says Preecs, who is now 75 and living in Round Rock, Texas. “But we had to just shove things in there. The kitchen counter was hand’s breadth wide, and the bathroom was like a phone-booth shower. If I dropped the soap, I couldn’t pick it up.”

Three years after purchasing the trailer, Preecs and his wife relocated to Texas to be closer to their grandchildren. Still, they were able to visit Grand Teton and Yellowstone national parks in the Northwest. That’s when they felt the financial pinch of RV ownership.

“At 6 miles per gallon and $60 to $80 a night at RV parks, the expenses really added up,” he says. “We found it was an inefficient way to travel.” Some of the RV parks are located in funky, backwater places, he says. And setup and breakdown at every stop became a hassle. “You want to be free, but you’re not.”

In 2020, they sold the trailer, which had less than 5,000 miles of use, and the pickup for a combined $32,000. With the proceeds, Preecs bought a Tesla.

Outfitted and outwitted

As a vintner in California, much of Pam Starr’s work takes place outside among the grape vines. “I live in jeans and winemaker vests, T-shirts and sometimes boots,” says the 63-year-old. “So I can tear my clothes on a vine or get barrel slime on me” and it doesn’t really matter.

A few years ago, a well-heeled friend with an eye for fashion convinced Starr, who lives in Napa, to join her in San Francisco for a meeting with her couturier—a person who creates luxury clothing to the client’s specifications. The friend had told Starr that she wouldn’t have to buy anything, but this particular couturier was very persuasive, Starr recalls.

For example, the couturier held up a gauzy swimsuit coverup with white sequins and said, “You have to wear this swimsuit coverup by the pool.” Starr paid $1,800 for a custom coverup, but later it hit her: “I don’t wear a coverup when I’m at the pool because I’m actually in the pool.” To this day, it has never been worn. Starr says she spent another $1,800 for an off-the-shoulder silk shirt with three-quarter length sleeves.

The quality of the clothing was low, Starr says. “That silk shirt turned out to be my most disappointing piece,” she says. It didn’t clean well, and hasn’t retained its shape. Many of the pieces she purchased haven’t held up well, she says, even though she rarely wears them. “Out of the 15 items I had made for me, I loved maybe three,” Starr says. “That’s more than $20,000 worth of clothes, and I should have gotten more out of them.”

If she could go back in time, Starr says, she would say to herself, “ ‘Listen, Pam. Pick two things and start slowly. If you like them, you can expand into other things.’ ” Also, she would pause to ask herself how often she would actually wear the clothing.

“Because of a friend, I ended up in a couture shop,” Starr says. “In that world, it’s uncharted territory for me. The couturier pulls you in really hard.” Knowing what she knows now, Starr says, “if I needed someone to design a gown for me, I wouldn’t go back there. I would go to a seamstress locally.”



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The federal budget has rattled property investors. But the biggest mistake isn’t the tax changes, it’s the conclusion many are drawing from them.

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The recent budget has forced a reckoning for property investors.

Negative gearing now restricted to new residential builds, the CGT discount gone and on paper, the numbers look different.

And many investors are responding by pivoting toward yield, prioritising cash flow over capital growth in a way that property strategists say misses the point entirely.

“The debate has shifted to yield versus growth as if they are opposing forces,” says Abdullah Nouh, founder of Melbourne-based buyers’ agency Mecca Property Group. “But that framing is itself the mistake.”

Nouh, who works with high-net-worth families and investors on long-term acquisition strategy, argues that capital growth remains the primary driver of genuine wealth creation and that the post-budget environment has made quality assets more important, not less.

The numbers make his case plainly. An additional $500 per week in rental income is welcome. A prestige asset appreciating by $1 million over a market cycle is transformative.

These are not equivalent outcomes, and portfolios built around yield at the expense of location and land value tend to generate income while wealth stands largely still.

The more nuanced shift Nouh is seeing among sophisticated investors is a move toward assets where both outcomes can be engineered simultaneously – established homes on substantial land in quality locations, where the existing dwelling can be repositioned, rental returns improved, and the underlying land value compounds independent of what sits on it.

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Prestige industrial assets, medical centres and long-leased essential retail offer income profiles that residential property in most capital city markets cannot currently match: longer lease terms, tenants covering outgoings, and greater predictability than the residential tenancy cycle.

“The investors who build lasting wealth are rarely the ones who chased yield or growth exclusively,” says Nouh.

“They are the ones who built a strategy they could sustain – one that generated enough income to hold quality assets through multiple cycles while those assets compounded in value.”

The budget has changed the settings. It has not changed the fundamentals.

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