NSW Discounting in inner west Sydney

Basically brisbane which is a pretty ordinary city is not that much cheaper than New York

 

Prices in Sydney should drop by 50% because they're not the same as New York

 

Happy to be proven wrong, but I have not seen anyone post examples of severe discounting in Balmain (Balmain or Balmain East, not Lilyfield, Rozelle or Leichhardt).

The stock that I am curious about (terraces or houses in nice locations in Balmain) don't appear to be discounted:
Balmain, NSW 2041 Sold House Prices & Auction Results - realestate.com.au

Surprisingly, no garage stuff is still holding strong.

 

Putting aside the whole 'is the inner west slumping or not' thing, how good is this place in Balmain:

88 Beattie Street, Balmain, NSW 2041 - Property Details

Carry on.

 

What an amazing property that one!

No view, but a nice stroll to the awesome restaurants like :
Le Cafeier - fantastic Turkish style breakfast/lunch
Alegrias - great spanish tapas
Tarboosh - newly opened lebanese restaurant (i'm there at least once a week)
God's creation - great italian breakfast
New Star - cheap and cheerful, authentic vietnamese, without having to plan a day trip to Cabramatta/Bankstown

 

I didn't say that. I said it strikes me as unusual that New York is cheaper.

 

Do you know New York well enough to tell the difference between Rose Bay and Matraville?

Or your picking **** at random to try to prove something.?

 

Lol that house is cheaper than the average in Campbelltown. Who said anything about Rose Bay

 

Could be in a really bad suburb I don't know.
Educate me ?

 

Why do you react so negatively and extremely (and even personally in another thread) to anything that might show Sydney and Melbourne as being overpriced? Calm down. This forum is about sharing ideas.
The reason for my posts is in the posts I don't have an agenda. I think it's a bit unusual that New York is cheaper than Campbelltown. That for me really hit home when I learned that the other day. And as someone else pointed out you really have to get to quite rural areas in Sydney and Melbourne to get to new York prices. Rushcutters Bay is stunning but an apartment there costs significantly more than Manhattan. Manhattan is world famous as a rich enclave. One of the most exclusive addresses in the world. Rushcutters isn't known outside of Australia.
Draw your own conclusions. Do your own analysis. Chat about it. That's the point of my post.

 

Could be. Still new York though. And the median price is cheaper in new York. A wealthy city The most known city in the world

 

Here's a good test of whether or not they will. This property sold in February 2018 for $2,180,000 on the market again now currently quoting around $2mill. Let's see how it goes.

17 Hampton Street Balmain NSW 2041 - House for Sale #129055846 - realestate.com.au

 

List of countries by wealth per adult - Wikipedia

Look at the list

Don't worry about the MEAN . Its the average(their) is a lot of rich in the top of Americas food chain.
But look at median. You can see true reflection of America. See its 1 above Greece

 

You don't need to know the demographics of that exact neighbourhood to say that Sydney is expensive in comparison. West New York is not Aleppo and we're comparing it to suburbs that are in the very outer west of Sydney anyway - it's not exactly the domain of bankers. If you've made so much from buying in Sydney then why do you care about what some random person posts on a forum? It's not impacting your bottom line and surprisingly, people can invest while also making observations about different markets.

 

Thanks for sharing!

The owner paid too much, in my view.

All weatherboard, no off-street parking, limited value add, average looking (Google Maps) and probably not the right type of stock in Balmain...

The only thing that it has going for it, is that it's near Wok On Inn... good for quick and cheap noodles.

Here are two I'm watching:
7 Harris Street, Balmain NSW 2041 - Terrace Property For Sale | Domain
Property Report for 17 Harris Street, Balmain NSW 2041

 

No you need understanding of economics demographics and a host of other factors to draw a comparison.
If your median Wealth of an American is in line with a Greek why would one be comparing Sydney prices to neighbourhoods of NY that they don't know.

Maybe choose something in Switzerland or Luxembourg
I don't know but when making a comparison one needs to compare apples with apples

 

Wealth is meaningless if you don't know what it's made up of - most of that for Australia is paper wealth. The only real way an average person (with 1 property) can access that wealth is if they sell their house and move to a house in the middle of the outback or something.

I've looked up the demographics for your reading pleasure (Census data):

Campbelltown, NSW (2016 data)
Average house price $650,000AUD
Average weekly household income $1200AUD
Unemployment rate 8.4%
Crime rate (per 1,000 people) 15.8
20% of households pay more than a third of their income as rent (rental stress)

West New York (2010 data)
Average house price $380,000USD ($517,000USD)
Median annual household income $45,000USD ($61,000AUD) or $865USD/week ($1180AUD/week)
Unemployment rate 4.9% (March 2018)
Crime rate (per 1,000 people) 12.7
15% of households are below the poverty line

Looks pretty comparable to me. West New York looks better for the fact that a person on an average income buying an average house would have a lot more disposable income. The unemployment rate and crime rate lower too. Don't forget that their data is six years older so the income is very likely higher now

 

17 Hampton St Balmain sold for $2,050,000 this week. $130K loss, $50K sales commission + stamp duty $105K plus advertising.

 

Thanks for sharing!

Interesting that they would buy (Feb 2018) and sell (Sep 2018) in the same year like that!

Some interesting sales in the local area recently, including 11 Gladstone (awesome awesome buy).

Balmain, NSW 2041 Sold House Prices & Auction Results - realestate.com.au

 

Yes I'm of the opinion housing is way overinflated in oz. Its gone to far in comparison to other much more significant countries cities