I hate Mt Druitt and Sydney South West

Well, it is not what you think, feel free to beat each other to death on this thread, but I am a bit dis appointed frankly.

I, like others, have been watching the related threads, and the doom and gloom on Sydney, and I will say I do believe the boom is over....but....

I have had my eye on a few areas and wanted to be buying a couple of things, I gave up when things got o a dizzy height, and I liked the doom talk we had here, indeed I saw probably up to 10% come off on the SW........but....

Sorry to say guys, the APRA brakes did make a sudden impact, it looked good, looked like on 12-18 months I may have been able to do what I wanted, alas, prior to this rate cut, it has turned back on.

So in the place I want to buy, during the end of last year, there was zero on the market where I look, I mean zero, they were all snapped up with ads just to show how great the slimy local agents are (good on ya guys, do not know how you do it), after APRA, slowly, more and more went to ads and not gone before or on first open, even had some get price reductions.....guess what, fast forward to today, and were back to less than a handful advertised and available, out of those, most have leases and poor return....

So, I am saying, it is moving forward again, nothing mad at this point, but nothing near what I hoped for, and with the last cut and I would say more to come, I do not see that I will be doing anything now in 12-18 months, am now thinking may need to decide to give up or go very soon.

Whats happening in the West ? Druitt and Penrith etc ? I mean markets your actively watching and going to opens in, not just WAG.

 

Do you wanna blue?

 

Winnies?

 

Calling @datto

You'd really worry if a drop of 0.25% is enough to get the market excited.

 

I'll meet ya behind the dunnies!

 

Hey Biz, why the hell not ? It's Friday, I am off to work soon, yet again, so why not a bit of biff and bull ***** for some of the members...

You seen the parliament videos of Keating and Downer have you not ? I am fishing for Curly...lol...in he comes...ba ha ha

Let's start with a swing at you for now, you talk down Warwick Farm and Liverpool units, but pal, they keep going up ? I really did hope you wee right and they would have been down 20% by now, so whats gone wrong ? or right ? depending on what side your looking from.

I kid you not on another area, it has totally changed again, kind of irritating actually, we are in unknown waters it seems ? I think the rate cuts will re ignite, but only a small flame, but seems a decline not continuing for now.

 

Property always goes up. Always. Except sometimes when it doesnt

 

Curly ?

 

Well. I just finished reading these posts and it feels like I'm walking back to my car in the Macca's car park and some ones come along and kicked me in the nuts.

Hate is a powerful word. Sure, APRA has had an effect but I still see sales around 500K in the more scummy areas of the Druitt.

Yes, it is hard to accept but the bogans out there will greet investors with open arms and powerfull BO. 500K can buy enough commodores and spares for a millenium.

Don't hate @dabbler just buy now. The wheels need to keep turning. Peace be with you.

 

I just don't like that the slow down seems to have stopped, or even maybe turned around, I don't really hate anything

At the same time that has to be better for those with holdings in West or S West.

How you supposed to plan an empire with all this back and forth in Sid en ey ???

 

If you hate that the prices in Sydney's SW and W continue to hold up (and a lot of the credit for this has to go back to the lowest ever interest rates), then you've gotta despise the rest of Sydney too. As far as I can see, there's just no easy and cheap buying anywhere in Sydney. I reckon a planned 18 month timeframe to buy might be pushed out to 3 years now and in the meantime prices might just continue to inch up by the rate of inflation more or less.

No crystal ball but in the long run, I believe Sydney will perform. Diversified economy, people want to work, live and immigrate to here. But houses will perform better than units as you can generally knock down a house and build x number of units in that same space as long as zoning allows. Buildings depreciate, land appreciates...
Land in Sydney is scarce, and well located land is already fully built on imo so it just gets harder and harder and time goes by. Anybody owning land can just sit on it and gain as long as the holding costs (land taxes and poor yields) don't get to you!

 

@dabbler what about looking at another state with easier opportunity to find..

 

100% Agree with you @Gockie. For me its all about Supply and Demand and Sydney will always be in high demand with limited supply in desirable areas.

 

Yeah, I am interested in lots of the East coast and also West over mountains of NSW, but was really planning on a couple of things here, anyway, plans change

I can't really hate it, the headline is just to shock and awe as Bush would say I do not let things I can't control get to me that easy, I can roll with the punches. The boss can't take plan changes as well as me (part of plan involved a few moves).

About to go out and spend the day at opens in my targeted areas, will see how it has changed again from a few months ago if at all, I did get a call from an agent this morning already, so they can't be that flat out.

So it is all good, I love Sydney including the SW

 

Well, was a good way to spend the day, was mainly looking at units in the SW today, in the area we saw 6, seems the units have pulled back a similar amount to houses, but they are selling & it is not the crazy FOMO throwing cash around like mad, it is more like a normal market again.

So will see in a few months what it is doing to see if interest rates make people go out and get loans.

The pull back has happened, until rates are climbing, I think the SW has stabilsed, and the agents did not appear nervous, and most of them I was talking to before the peak as well, point being they are not wet behind the ears.

I sense we may be in for just a long sideways, that is unless rates start to climb a bit.

Anyone been on the ground in the West ? Mt Druitt and Penrith etc ?

 

Yep...it is definitely the BO I am worried about....have they heard about the brands Old Spice ..Rexona....Norsca...etc.