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Discussion in 'Property Market Economics' started by Gockie, 16th Mar, 2016.

  1. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    Chris Martin, research fellow at UNSW’s City Futures Research Centre, said this posed serious concerns for the next generation of homebuyers.

    “People who foolishly chose to be born later [than baby boomers] or those who failed to pick wealthy parents will badly struggle to get access to detached suburban housing,” Dr Martin said.

    Good one @Jennifer Duke

    Sydney land prices jump $100k in a year
     
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  2. Scott No Mates

    Scott No Mates Well-Known Member

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  3. EN710

    EN710 Well-Known Member

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    Lol

    How do you make affordable land supply to just appear? :confused:
     
  4. Leo2413

    Leo2413 Well-Known Member Premium Member

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    Land is affordable. Land in highly desired places is not so much.

    The longer people delay to get their act together, the further out they will have to buy.

    Eventually the 'out' wont be out anymore. It will be the new norm.

    Prices for highly sought after types of stock, sought after suburbs, hubs, proximity to CBD is not going to go down significantly any time soon. Demand is so powerful, it will just eat it up if the price drops too much.


    That's that. People just have to choose the 'next best' for them, or risk waiting and then eventually having to move out even further.

    That's my take.
     
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  5. Sonamic

    Sonamic Well-Known Member

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    Or buy 3 in the "out" wait 10 years, sell them all, then buy "in".
     
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  6. Omnidragon

    Omnidragon Well-Known Member

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    They were saying the same things 5 years ago. And then, boom.
     
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  7. Tekoz

    Tekoz Well-Known Member

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    Yes, it has been gentrified last year with lots of new estate.

    Last time on April /May 2015 I've been offered by my friend H&L package that was starting from $700k for a standard 3/2/2 on 375 sq Metre.

    Here's one of the example: Build You Dream Home—Only 5 Lots of Vacant Land Left For Sale - Selling Fast!!
     
    Last edited: 16th Mar, 2016
  8. JDP1

    JDP1 Well-Known Member

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    There are quite a few people who will only consider sydney (status, ingorant of opportunity costs, cant be bothered doing research outside etc..and maybe some valid and reasonable reasons as well.) so i expect the 500k townhouse 50km out to sell fairly well.

    Is this the dream for first home buyers?
     
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  9. Jennifer Duke

    Jennifer Duke Well-Known Member

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    I think the idea is that by releasing more land than we need, prices would be a little lower. I have my doubts.
     
  10. Jennifer Duke

    Jennifer Duke Well-Known Member

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    I couldn't resist including the quote!! Made me LOL.
     
  11. Scott No Mates

    Scott No Mates Well-Known Member

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    Supply is not necessarily the issue, it is the willingness of developers, land holders, councils etc to bring additional land to market.

    Why? You don't want unrestrained supply to hit the market as it will affect end market value (and profits), holding costs of developed land are greater than holding undeveloped land (time on market will be longer, hence reducing profit TVM).
     
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  12. EN710

    EN710 Well-Known Member

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    The problem is the word "in Sydney"
    How do you release a land that doesn't exist :confused:

    I was wondering if he is joking!
     
  13. Jennifer Duke

    Jennifer Duke Well-Known Member

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    THIS.
     
  14. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    A relative told me he purchased land in Baulkham Hills for $14,000 many many years ago. After holding for a while, he sold, as it was "too far out". :eek:

    One of the problems I see with Gen Y (from my baby boomer's perspective) is that they do not want to buy out in the 'burbs but want a city pad which they find hard (or impossible) to afford. They have their expectations set to get something better than mum & dad's house that they just moved out of, not understanding that mum & dad's house was the result of 20-30 years of scrimping & saving and renovating and trading up 5 or 6 times to get what they currently have. :rolleyes:
     
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  15. Leo2413

    Leo2413 Well-Known Member Premium Member

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    Why are you suggesting that people sacrifice, plan hard and work hard to achieve their dream place...?? Why would anyone want to do that when they can just have an amazing international trip every year plus a domestic trip here and there and that nice watch they deserve....:rolleyes::rolleyes:

    You bad, bad man you.
     
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  16. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    Exactly! Now where did I put those silver spoons?
     
  17. Scott No Mates

    Scott No Mates Well-Known Member

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    If you bend over it might drop out.
     
  18. MTR

    MTR Well-Known Member Premium Member

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    ... but if you look at many capital cities why can they not afford inner city areas which are well located, it just means they buy an older unit/townhouse.

    2 bedders -
    Melb desirable areas still affordable ($450-500K)

    Brissy inner city will be significantly cheaper - inner city?

    Perth inner city around $450-500K

    Not sure about Syd inner city location, not necessarily inner west but still well located, perhaps $600K for a 2 bedder just a guess???
    OK, its not a house, we started off with a modest unit close to city, that's what you do when starting off, because you work with what you have.

    Where there is a will there is a way,


    As opposed to the burbs... land and house package, I know which one I would pick
     
    Last edited: 17th Mar, 2016
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  19. radson

    radson Well-Known Member

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    to be fair to the younger generation, haven't sydney housing prices increased from 3-4 times median income to 12 times median income.
     
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  20. Leo2413

    Leo2413 Well-Known Member Premium Member

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    ALL UNDER 700k! ALL recent.


    Give me a break with this unaffordable, have to move to woop woop crap.

    The evidence is below. It took me 10 minutes to search. Its all about expectations that's screwing many people.

    EVIDENCE

    30km to Sydney CBD
    Sold Price for 17/392-402 Windsor Road Baulkham Hills NSW 2153

    35km to Sydney CBD, 1km to Parramatta CBD
    Sold Price for 11/9-13 Early Street Parramatta NSW 2150

    12.6km to Sydney AND in eastern suburbs
    Sold Price for 8/114 Maroubra Road Maroubra NSW 2035

    13.6km to Sydney CBD
    Sold Price for 5/103 Yorktown Parade Maroubra NSW 2035

    13.3km to Sydney CBD
    Sold Price for 8/146 Parramatta Road Homebush NSW 2140

    13.3km to Sydney CBD
    Sold Price for 32/146 Parramatta Road Homebush NSW 2140
     
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