NSW Buy now in Sydney or in 3-6 months?

Discussion in 'Where to Buy' started by poby, 26th Apr, 2020.

Join Australia's most dynamic and respected property investment community
Tags:
?

Best time to buy in Sydney

  1. Now

  2. in 3 months

  3. in 6 months

  4. wait even longer

Results are only viewable after voting.
  1. Sujay_Gulwadi

    Sujay_Gulwadi Active Member

    Joined:
    1st May, 2020
    Posts:
    28
    Location:
    Sydney
    .

    This area of Kuringai is not heavily exposed to COVID19. Only a small percentage of people that are owner occupied would be employed in the tourism, retail exposures sectors compared to other suburbs in Sydney. I purchased an old 3BR house in Killara in April/2020 on 930sqm block of land. In my view Lindfield/Gordon/Pymble area with free standing houses on 900sqm+ blocks of land will continue to appreciate in 2020 and beyond/
     
    ndpjai likes this.
  2. virhlpool

    virhlpool Well-Known Member

    Joined:
    14th Aug, 2016
    Posts:
    692
    Location:
    Sydney
    I doubt if any area within Sydney can work in isolation though as far as the effect of property market slowdown is concerned. Particularly if the slowdown is longer, then the whole market attains equilibrium and the impact can't remain local. It doesn't sound very logical but time will tell.
     
  3. Sujay_Gulwadi

    Sujay_Gulwadi Active Member

    Joined:
    1st May, 2020
    Posts:
    28
    Location:
    Sydney
    The point was that COVID19 will impact different suburbs to a different degree. The mechanism I am using to model how much the impact is to estimate the percentage of the population employed in covid impacted industries.
     
  4. Blueshoes99

    Blueshoes99 Well-Known Member

    Joined:
    24th Aug, 2019
    Posts:
    145
    Location:
    Sydney
    Those areas will always do well as it is in the upper north shore. Even the crappy houses are selling 2+ million so I highly doubt the units will come down too much in the future
     
  5. Sujay_Gulwadi

    Sujay_Gulwadi Active Member

    Joined:
    1st May, 2020
    Posts:
    28
    Location:
    Sydney
    if someone is looking at StIves/Gordon/Killara/Lindfield/Roseville with view to buy investment property, purchasing a free standing house in the 2m to 2.4m will give you a far better 10yr long term return that unit, even if you were to get a unit cheap in this covid crisis.
     
    Poppy likes this.
  6. PropNuB

    PropNuB Well-Known Member

    Joined:
    8th Jul, 2018
    Posts:
    53
    Location:
    Sydney, Australia
    When making a purchase in or around Sydney I would consider bush fire zones. I would stay clear of suburbs that have a higher risk of fires due to close proximity to bushland. You are likely to pay higher insurance premiums to cover the high likelihood of fire. More importantly why put yourself and your family at risk! Buy in inner west and western Sydney. Not only affordable but increasingly gentrifying and therefore more likely to see price growth.

    The suburbs most at risk of bushfire as Sydney remains on high alert
     
    David_SYD likes this.
  7. Gockie

    Gockie Life is good ☺️ Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    14,737
    Location:
    Sydney
    I don't agree. Being near bush is really nice and most homes near bushland have local RFS. In North Epping there is infrastructure to fight fires, all set and ready to go. Perhaps just don't be in the flame zone.

    If building you would have to build with bushfire rated materials, but it's a one off cost. I'm in Bushfire zone and don't think my premiums are any higher because of it.

    Anyway, I commonly see all sorts of bird and wildlife around, and I really enjoy that.

    Was hearing a whipbird a couple of weeks ago, we see random Brush turkeys walking about on the street, get all sorts of birds visiting and possums... one night I even spotted an Echinda just a down the street a bit! And right now, I seen to have a frog croaking every morning. Quite crazy, but I like it :).

    Oh, and to be able to do a bush walk without going particularly far to get to it... just love it.
     
    Andrewjh likes this.
  8. There

    There Well-Known Member

    Joined:
    1st Feb, 2018
    Posts:
    65
    Location:
    NSW
    Some people (including me) like to live near the bush and greeery. It’s a beautiful experience with lots of birds, water dragons etc. Much better than living in concrete jungles or concentrated housing.
     
    Andrewjh likes this.
  9. Michael Nguyen

    Michael Nguyen Active Member

    Joined:
    2nd Mar, 2016
    Posts:
    32
    Location:
    Sydney
    I do not think there will be a magic time to buy. However, I do believe the market is currently soft and will continue to be soft over the coming months. That said, it may make sense to have your finances ready to pull the trigger anytime you see a bargain, be it now or over the coming months.

    Sellers selling now need to sell for their own reasons. With less buyers in the current market, the lack of competition could work in your favour.
     
  10. Gockie

    Gockie Life is good ☺️ Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    14,737
    Location:
    Sydney
    I agree with this to be honest. We bought the previous PPOR in 2008, property market was pretty quiet then with the GFC.

    Edit: I agree with buying when the market is soft, but it's not particularly soft around where I am. The market last year was pre election was really soft and you could buy properties from about 1.1mill that would have been 1.4-1.5mill a few months earlier or later.
     
    Last edited: 16th Jun, 2020
  11. Mel Morgan

    Mel Morgan Sydney Property Manager Business Member

    Joined:
    6th Jun, 2017
    Posts:
    1,448
    Location:
    Sydney
    I'm looking around the East and market is really quite strong, but who knows for how long.

    I think the OP is perfectly suited to renting their dream apartment, and purchasing a house with good land content. Then they don't need to worry about strata expense, get the benefits of a new development whilst the long term growth of a house.
     
  12. John_BridgeToBricks

    John_BridgeToBricks Buyer's Agent Business Member

    Joined:
    25th May, 2018
    Posts:
    2,407
    Location:
    Sydney
    I agree with your sentiment about there not being a magic time to buy - property has a habit of surprising us. And most of us go into this thought process hoping the market will confirm what we want to happen.

    From what I can see the market is not that soft. Not everything is selling, but clearance rates are not that low, and prices have held up. What is selling, is selling well.

    I think the key to understanding this is to understand that markets can crash in multiple ways, without price necessarily falling.

    If the "market" = volume x price - well this means that if the volumes crash, the market has crashed. And this is exactly what has happened. It is true to say that the real estate market has contracted considerably, without there necessarily being any price falls.

    I agree with Mel - I am seeing low stock levels, strong buyer activity. I am seeing scarcity, not bargains.
     
  13. SydneySuburbReviews

    SydneySuburbReviews Member

    Joined:
    19th Jun, 2020
    Posts:
    9
    Location:
    Sydney
    Not sure whether I should post within this thread or start a new one, but after similar thoughts/advice although looking more at probably somewhere in Sutherland Shire and more in the $850k range (townhouse if possible) - but the question remains the same: do you all think it's better to look at buying in around 3 or 6 months given everything going on in the world?

    We have a fair chunk of cash available for a deposit but don't really want to spend more than $850k given we have no kids and prefer a more flexible lifestyle; large house isn't important as long as it has a small back yard and isn't an apartment, prefer the flexibility of a smaller mortgage.

    Most of what I've ready suggests to wait and see what happens once the JobKeeper scheme ends in September and make a decision from there, so we might get a new lease for 6 months and see what happens to the market.

    Anyone here who has lived in Loftus by chance? Any thoughts on buying there?

    Cheers
     
  14. Poppy

    Poppy Well-Known Member

    Joined:
    7th Jul, 2017
    Posts:
    197
    Location:
    Sydney
    not true
    It’s so close to Chatswood which is highly exposed to Covid
     
  15. Sujay_Gulwadi

    Sujay_Gulwadi Active Member

    Joined:
    1st May, 2020
    Posts:
    28
    Location:
    Sydney
    Kuringgai Council and Willoughby Council area have vastly different demographics and property price behaviour, even though they are very close.
     
  16. Gockie

    Gockie Life is good ☺️ Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    14,737
    Location:
    Sydney
    Did you buy?
     
  17. spludgey

    spludgey Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    3,483
    Location:
    Sydney
    Huh???
    You think it's quieter to live in an apartment than in a house???

    Edit: Actually, I can't read, never mind.
     
  18. thunderstrike888

    thunderstrike888 Well-Known Member

    Joined:
    6th Jan, 2021
    Posts:
    2,018
    Location:
    Sydney
    You'd be kicking yourself if you didnt buy when you started this thread. Everything just went up another $200k minimum.

    Every time this question comes up there is only 1 answer. Always buy now if your ready. Said it a million times now I still know people waiting for the "right" time since early 2000s. LOL

    They are still waiting today yet property have increased to staggering amounts.
     
  19. Sea Eagles88

    Sea Eagles88 Well-Known Member

    Joined:
    5th Jul, 2015
    Posts:
    125
    Location:
    Sydney
    The OP was looking to buy apartment, so if he didn't buy then, its even a better time to buy now with not so much demand for apartment. Totally different story if it was a house.
     
  20. Mel Morgan

    Mel Morgan Sydney Property Manager Business Member

    Joined:
    6th Jun, 2017
    Posts:
    1,448
    Location:
    Sydney
    Really interesting when you look at the vote results at the time.

    A lot of units have been pushed up by the owner occupier demand, just depends on the location/type of dwelling.