I was there the day the Sydney property bubble burst

Discussion in 'Property Market Economics' started by Depreciator, 25th Mar, 2017.

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  1. Depreciator

    Depreciator Moderator

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    Noon, March 25, 2017.

    This place was up for auction. Great old house in very good codified for its age. There were about 60 people milling around for the auction. The Domain coffee van was there giving away coffees, there were lots of signs waving in the breeze. It was very festive.

    321 Marrickville Road Marrickville NSW 2204 - House for Sale #124885466 - realestate.com.au

    The auctioneer did his spiel about the house and the area and the new library being built across the road etc etc.

    Then he said, 'ladies and gentlemen, there are no registered bidders so the auction will not proceed.'

    Such a let down. I was expecting it go for low 3s.

    The agents looked more let down - I bet they had a table booked at the fanciest local restaurant to celebrate their commission.
     
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  2. Cimbom

    Cimbom Well-Known Member

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    There was a funny Youtube video about this 'day' that I watched a few months back. Can't seem to find it now though

    Nice house btw
     
  3. WattleIdo

    WattleIdo midas touch

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    Gorgeous house.
    Yes, I think the show is over folks. :( It was sure fun while it lasted. ;)
     
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  4. Xenia

    Xenia Well-Known Member

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    This is only the beginning .......
     
  5. Xenia

    Xenia Well-Known Member

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    Shared this :)
     
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  6. MTR

    MTR Material Girl

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    There is another thread.... "which is a safer bet Sydney or Perth"... perhaps Perth, much lower entry level:p
     
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  7. samiam

    samiam Well-Known Member

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  8. MTR

    MTR Material Girl

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    Now we are seriously confused, just have to sit back and watch what happens over the next 3 months
     
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  9. samiam

    samiam Well-Known Member

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    on my way
  10. Air_Bender

    Air_Bender Well-Known Member

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    You mean this?



    Very interesting indeed. But do we know of any other auctions with a similar outcome? Surely this one alone can't be indicative of a bursting bubble?
     
    Last edited: 25th Mar, 2017
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  11. neK

    neK Well-Known Member

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    Whatever marketing machine they have going at Mirvac its working!
    Sold out the 1 bedders at the development at Marrickville too - neighbour was going in to buy on behalf on his sister and he his appointment was at 10am and it was "sold out" so they tried to upsell him.

    He said no, but stayed to get his money's worth on the breakfast buffet :D
     
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  12. Cimbom

    Cimbom Well-Known Member

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    I think the developer will make quite a bit from this deal. I'm guessing there'll be a few first home buyers who sign up and then can't meet the deposit deadlines so the developer will keep the full amount. I also feel a bit sorry for them too TBH - 600k for a one bedder :eek:
     
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  13. Gockie

    Gockie Fully vaxxed Premium Member

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    I reckon give it another 4 - 8 weeks and they'll lock in a sale.
     
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  14. highlighter

    highlighter Well-Known Member

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    Noticed the same when attending two auctions last week, though one had two bidders and passed in, with the top bid more than $200k less than the owners were asking - I was surprised, they were great houses.
     
  15. bobbyj

    bobbyj Well-Known Member

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    $597,000 for a 1 bedder in Olympic park is a joke. It is not a 'good deal'.
    You can buy a 1 bedder in the city for a similar price.

    Besides, the traffic is horrendous in Olympic park with no real amneties in the area. Uninformed buyers jumping in after the boat has left the harbour.
     
  16. Cimbom

    Cimbom Well-Known Member

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    I find it interesting that with a lot of these developments in Sydney, their websites don't have any example floor plans to view like I have seen in other cities.

    I wouldn't be surprised if the 600k one bedder was some tiny shoebox too - the developer themselves said that only 'selected' apartments were eligible for the FHB offer. It is probably the worst ones
     
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  17. bobbyj

    bobbyj Well-Known Member

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    '...in south west west sydney'
     
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  18. Cimbom

    Cimbom Well-Known Member

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    You can probably commute from Canberra in a similar amount of time :p
     
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  19. Kangabanga

    Kangabanga Well-Known Member

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    must be a change in sentiment coming, which can happen quick smart, with expectation of further interest rate hikes and lacklustre employment numbers. Even Andrew Wilson is not sounding that optimistic nowadays...

    Guess its to be expected, quite a few of experienced PC investors here have already sold out in the past couple years when the going was good.

    Question now is when the PANIC button will be pressed by the mass of investors. Should see a mass of listings come online as the herd rushes to sell. Then we will be talking about how there is an oversupply of housing in Sydney rofl...
     
  20. Gockie

    Gockie Fully vaxxed Premium Member

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    Ps. If they wanted ~3.2mill for it, the least they could have done is pressure cleaned the roof... that looks like a disgrace.
    We had the roof of our North Epping house pressure cleaned before sale and it was only half the price.