Housing slump bites as Sydney apartments line up for fire sale

Discussion in 'Property Market Economics' started by REinvestmentlearner, 31st Jan, 2019.

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  1. REinvestmentlearner

    REinvestmentlearner Member

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  2. Trainee

    Trainee Well-Known Member

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    Interesting that they managed to complete with 50% presales.
     
  3. The Y-man

    The Y-man Moderator Staff Member

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    So will people be able to pick up a 1 BR for $350k?

    The Y-man
     
  4. JohnPropChat

    JohnPropChat Well-Known Member

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

    virgo Well-Known Member

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    This is bad...very bad!:)
     
  6. gman65

    gman65 Well-Known Member

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    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 :rolleyes:

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

    Beano Well-Known Member

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    Maybe $350k is still overpriced
     
  8. AnDy62

    AnDy62 Active Member

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

    Mike A Well-Known Member

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

    BuyersAgent Well-Known Member Business Member

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    ...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.
     
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  11. AnDy62

    AnDy62 Active Member

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    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.
     
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  12. Trainee

    Trainee Well-Known Member

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    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.
     
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  13. BuyersAgent

    BuyersAgent Well-Known Member Business Member

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    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.
     
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