Falling prices in Sydney.. Really??

China's internet sensation Sister Milk Tea farewells Sydney, with a multimillion-dollar loss on her penthouse in the process
Pretty big loss

 

Meh. Sydney has a wonderful setting but it kind of spoils it's setting.

The city itself ( City centre) is a very disorganised, unplanned and unpretty mess with large areas that have not had much money spent on the streetscape for years and a lack of co-ordination and awful clashing buildings built with no thought or reference to each other or the setting. Compare this with London where although historically quite an unplanned city, uses this inherent chaos to good effect with modern planning decisions taking articulation of built form extremely seriously, and huge amounts of money spent on infrastructure and street scene beautification - in really stark contrast to a city like Sydney. Even the waterfront around the harbour, it's greatest asset, near the city is very disjointed and has some very crude and ugly buildings, rubbish footpaths, tatty shopfronts etc all over.

The setting of Sydney on the Harbour saves Sydney - and I know you can't divorce the setting and the city but on the city alone it's distinctly average in it's look and feel.

Compare that with the centre of many other cities of similar size - it's sadly lacking in character, decent look and feel , upkeep.

LA is not really a city to look to for lessons in urban planning but even so I think in many ways it still "works" better than Sydney does.

Anything is possible in the future and signs things are changing, but at the moment despite the lovely setting, Sydney is a second tier global city, as is Melbourne.

 

I'm a big advocate of Sydney property as many of you know. But the big problem here is not so much that it is disorganised in its CBD (which it is), but that Sydney is just a bit boring. Particularly since the lock out laws.

That said, comparisons to London and LA are a bit unfair. They are top tier cities with very few international peers.

 

Australia's biggest

 

Singapore is a crap comparison.
It attracts business from other countries by providing tax heaven.

If the money now rightly appropriated to correct and rightful countries/jurisdiction I don't think Singapore would exist.
It's a tax heaven. Theft from countries that rightfully earned the tax.

This is my 2 cents.

 

Why is Singapore considered a tax haven?

 

I have been to Singapore a few times to voice my 2 cents, I think overall, Singapore is quite special in it's location and history. I think Sydney and Australia is luckier in the sense that Australia have much more resources, land and natural beauty to obtain and attract great amount of wealth, that is not to say Australian have not been working hard and creative to maintain the top or one of the top living standards in the world.

In contrast, Singapore does not have whole lot in the sense of resources and other benefits that Australia has. It is sandwiched between relatively underdeveloped countries and so it's a bit of abnormally in the region in the sense that it stood well head and shoulders above anything within that region. I think it's largely the result of the hard work and dedication of its population that was able to create a world class sea port hub, best airport in the world, super highly educated workforce and super clean city and surroundings. If you ever been to Singapore for long enough you will know. As far as tax haven goes, it might been the bi-product of its competitiveness, but no way it would have been a major contribution to its success to be completely fair.

 

Many aspects of Singapore's success is down to Mr. Lee Kuan Yew who had the vision and leadership. Sometimes a good strongman is much better than democracy, just look locally and to UK.

 

Well pretty good sign even the big /smart foreign money is giving up and pulling out of the market there.

 

Sure, if we were talking about beaches and abundance of natural parks, it would be no question for me. That's one of things that I love about Sydney. What I'll scoff at rather strongly is "mass transformation" uniqueness on global scale. It's nothing special. It may seem unique from AU centric view, but it's not unique on global scale at all.

 

I think Melbourne has better overall infrastructure than Sydney. It's like whoever planned this for Sydney was thinking it was going to be a tiny village then went to sleep and woke up realising the population is now more than five million and is frantically trying to catch up.

 

We can thank Bob Carr
For his wait of time as Premier.

Sydney is full. Is all he is good for. Maybe a 2 lane highway.

 

The falling prices are really suburb specific and much more meaningful with actual YoY data like these published by Domain to December quarter. Apologies if someone has already shared this before:



So if you're looking at buying houses/units in these suburbs then you'll be happy to know they have pulled back a fair bit already. Whereas some other parts of Sydney suburbs have actually gone the other way:



Hopefully this helps OP in finding the PPOR and gives everyone some indication. There are markets within markets in Sydney so really depends on where you're looking at.

Cheers,
David

 

it is interesting, her or her husband's quick sell is probably due to domestic issues than the market condition.

 

@David Shih Kirrawee tops the unit list because the 800 odd overpriced Brick Pit units are coming due for settlement. This is probably the most hated development in all of Southern Sydney and symbolises everything that is wrong with the planning system in NSW.

The rest of Kirrawee's units around Oak Rd sell for about the $500-$550k mark, and have come down in price.

 

Yes, according to corelogic all areas of Sydney and Melbourne are falling. Some started later, esp at the bottom end, so yoy isn't the best metric if you are trying to track the market trend.

 

Unfortunately London has become a bit disjointed too, just looking at that Gherkin and Shard and Walkie-Talkie they feel out of place and makes me wish should have never been allowed to be constructed, they should've only allowed these in a different part of London, maybe put them all in Canary Wharf!

Whereas Paris has its own separate CBD of modern tall buildings in La Défense, built away from the old intra-muros of the city which keeps its charms intact (with the exception of that ugly building called Tour Montparnasse which if given a chance I would demolish!)

 

That's a good point - thanks for pointing out! Lindfield also had a bit of new units released over the last 12 months hence the units median are going up whereas house median are coming down.

Cheers,
David

 

The gainers have to be taken with a grain of salt, prices really only started going down in earnest later part of 2018. So those suburbs up 10% yoy could in reality have been up 20%+ then down 10% in past 6 months and might have started on a downward trajectory just lagging those already down 20%. this price dip wont show until maybe the june stats

Addit: sorry typed this without reading the later post, says pretty much the same