Opinions on Sydney

Apart from the the two exceptions (south west, lower north shore), it's pretty clear things are pulling back on a wider view. No surprises at all.

That said, if you look closer, the strength or weakness in growth of many sub-regions and individual suburbs is masked by the more generalised nature of the data.

I've had my ear to the ground in pockets of the inner west, for example, which would have seen much, MUCH higher growth to the march quarter than the data shows, implying other pockets have under performed.

Predictions? Inner west to perform above the market as a whole, prestige market to show strong growth and higher transaction volumes for a while, overall the market will ease up and maintain moderate growth for some time (obviously, depending on factors like rates, employment, confidence etc), apartments to outperform houses overall.
 
3.1 % for march quarter . That averages at just over 12 % ...

5 % for dec quarter . That' s over 20 % ....

I think people might be trying to read too much into the figures .

Typically the market leading into Christmas is the strongest .

We going to have a look at a few properties on Saturday , so I'll have a better idea of what's going on at ground level after that.

When the market moves up , it doesn't move up in a straight line . It's a bit like a share chart . General trend up , but a combination of jumps , sideways movements etc. It has gone up strongly in recent months , so a pause / consolidation is expected .

My past experience is that the market only changes direction significantly when ther is a significant economic change and we're not seeing that . So I expect it too keep moving up , though maybe more slowly for a while .

There is a lack of stock at the moment . Really depends on how many buyers armcompeting for that stock .

Cliff
 
I have noticed some properties in Alexandria / Erskineville have either sold prior to auction or not sold at auction.

This was sold prior to auction and the amount not disclosed -

31 Phillips Street Alexandria

http://www.realestate.com.au/property-house-nsw-alexandria-116475855

Not sold - now on market -

6 Dadley Street Alexandria

http://www.realestate.com.au/property-house-nsw-alexandria-116364591

This is what it looked like before -

http://www.realestateworld.com.au/property-house-alexandria-nsw-1538407/display.aspx

A friend is looking in the million dollar category in Petersham & has seen a few passed in. She also mentioned there are more properties on the market in Lilyfield than there were before.
 
Typical media over dramatising on volatile data

3.1% in a traditionally slow quarter with annualized rate of 12.4% and it is - "Sydney's great property boom appears to have ended" ??? :)
 
Yes 12.4% annualised is terrible, the boom is over I am selling everything and investing in pine plantations
 
No one should extrapolate anything from quarterly medians, especially one leading off a prior traditionally) busy spring selling season.

At best, a yearly view comparing several past years is more indicative of the cycle that had played out or is in play.

MTR, I am not on the ground and so cannot provide any input to what is going on. It wouldn't surprise me for the general direction to continue an upward bias as it came off relatively lower base after many years in the doldrums. Sydney has (and is currently) merely playing catch-up.

It won't continue forever without a pause for breath as households income multiples will get to a higher level and incomes will need to catch up. Where I own a four units, in Parramatta, rents are still quite tight. I haven't had a vacancy in 30 tenant years.
 
Sydney has (and is currently) merely playing catch-up.

Agreed. If you wish to know what Sydney is going to do, you simply need to watch the Perth market.

If you graph the history, over the years you can clearly see that Sydney is typically 18 months to 2 years behind Perth's cycle.

Melbourne of course is about 2-1/2 to 3 years behind Perth.

Unfortunately, the eastern states are so backwards, they won't actually get to read this until it is too late to realise. They are all under the misapprehension that they lead the cycle, and that is why the locals always look confused and never actually know what is going on.
 
Epping

I went to an auction Epping Rd Epping this morning.
http://www.realestate.com.au/property-house-nsw-epping-116596715
Battle axe block, Epping Rd address, yet it still got an opening bid of $1.1 mill and sold at auction for $1.42 mill.

Crazy... And yes, almost everybody at the auction looked Chinese (I've Chinese heritage myself).

I got talking to the guy next to us at the auction and he is lamenting his house has been rezoned so it's going to be units everywhere. Problem is, even if he gets $2 mill for his house from a developer (his house is located 400 metres from Epping station), he won't be able to buy anything as good or convenient for that much money. And stamp duty legals, etc on a $2 million house purchase is $100 k.... So he's basically being forced to move cause if he doesn't sell, nobody is going to want to buy a house sitting in amongst a whole lot of unit blocks....
 
Yes 12.4% annualised is terrible, the boom is over I am selling everything and investing in pine plantations

Forget pine plantations, invest in comic books. There is no better investment, trust me.

The riddler: haha. your toast batman, what has 4 bars and you walk on it?

Batman: game is up riddler, the only bars you will be seeing is those of gotham city jail.

Batman: Ka-pow [ right in the noggin to the riddler]

....
 
Went to an auction today in Marrickville. Big crowd. Lots of registered bidders. It's actually 2 separate 2 bed places (most likely not approved by council, the agents made this very clear -- buyer beware) joined by a common wall but with separate entrances and no passage between the two. On a 420sqm block: http://www.richandoliva.com.au/?pagecall=property&propertyID=2638055

Sold for $1.1m (I guessed $970k prior, but I?m a bit out of my depth with houses).

This place, right near it, on a block of 700sqm, and in much better condition sold for $965,000 in Dec:

http://www.realestate.com.au/property-house-nsw-marrickville-112146159

Seems to be plenty of puff left.
 
I went to an auction today in Greystanes and the suburb looks to be slowing in parts. Sure, this place needed some work but it only just nudged the 500k mark. Thought it would go for mid 5s based on recent activity around the area. Top end slowing and the less central sectors have higher days on market and price reductions. I'm not seeing across the board increases like it was before Christmas. I wonder if its just this suburb as a few around here still appear to be a bit crazy.
 
I went to an auction today in Greystanes and the suburb looks to be slowing in parts. Sure, this place needed some work but it only just nudged the 500k mark. Thought it would go for mid 5s based on recent activity around the area. Top end slowing and the less central sectors have higher days on market and price reductions. I'm not seeing across the board increases like it was before Christmas. I wonder if its just this suburb as a few around here still appear to be a bit crazy.

Beachgurl I agree with you, I'm a big fan of greystanes, but have been turned off it in the last few months as 3 bedroom standard homes that needed work we're nudging over 600k , however lately I've noticed they are not selling as fast and perhaps have dropped a little in price.
 
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