Housing slump bites as Sydney apartments line up for fire sale

https://www.smh.com.au/business/com...ts-line-up-for-fire-sale-20190130-p50ulb.html

Seems apartments are in free fall

 

Interesting that they managed to complete with 50% presales.

 

Oversupply of apartments/units after the boom - who say that coming

 

This is bad...very bad!

 

Have to love sqm jumping in to stick the boot in an already obvious trend. Months ago would have been talking it all up too

Standard of "journalism" in Australia these days is attroicous.

 

Maybe $350k is still overpriced

 

Mt Druitt or Bondi? Location matters. Good spots will always be in high demand relative to supply.

 

One bedroom in epping selling for 788k was ridiculous to begin with.

 

...and this is why existing houses on good size blocks in owner occ dominated suburbs at prices people can afford will ALWAYS be lower risk than OTP apartments. Seriously people just need to use their brains and the data it's not that hard to avoid the trainwreck.

 

Yes, but for many that is a pipe-dream and so they will start their property journey with a lower-end unit and look to accumulate equity and wealth from other sources to then move up the ladder. I feel sorry for those who may have burnt their savings in buying OTP at the top of the cycle.

 

Older 2 bedders nearby went for less than this at the peak. Could have bought an old house in western sydney for less than this.

Those will go down too but not by as much as these.

As usual, newbies got blinded by the shiny new floors and appliances.

 

I agree. I hear loads of sad stories about people's first or worst property experience what was often a loss associated with an OTP unit or H+L package somewhere. I never enjoy it. Losing $40k, $80k, $140k all sad and traumatic for those involved. Not throwing stones at those who have already lost out just want people to see there is a better way.