The Property Couch 580 | The Spreadsheet, Setback & Perth Property That Lost $160k: Stephen & Santina’s Comeback
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Jan 8, 2026 Steve Morfitt, an everyday property investor, shares his inspiring journey of overcoming a massive $160K loss on a Perth apartment. He emphasizes the importance of financial discipline, budgeting, and the power of spreadsheets in restoring trust with his partner, Santina. Their story highlights how they turned past chaos into a clear financial vision, including plans for travel and investment properties. This tale of redemption showcases the transformative impact of teamwork and learning from mistakes in achieving long-term financial goals.
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Youthful Travel Loan Led To Debt
- In his early 20s Steve lived for the moment, took a large personal loan to travel and returned with heavy credit card debt.
- His parents helped bail him out, which reset his financial trajectory and tightened his discipline.
Costly CBD Apartment Mistake
- Steve bought a 46m² CBD apartment expecting lifestyle benefits but it lost value from $400k to $240k over several years.
- Building defects and special levies compounded the loss, costing him about $160k compared to the original buyer.
Buy Properties Banks Like
- Avoid buying off-the-plan or very small apartments that banks dislike, especially under ~50m².
- Buy properties the banks will happily lend against to reduce financing and resale risk.
