I was there the day the Sydney property bubble burst

Says their parents/grandparents helped out apparently

 

can find the exact non bullish article but this one doesn't sound as optimistic as his usual reports.
Capital city house price growth sliding – Sydney down sharply

 

Sydney's clearance rate still hit 80%.

No mass exodus, yet

 

Still some months off. It will take 2-3 months for rate rises to be felt. if another set of 20-30bpts rises follow mid year, by Spring it will start impacting .... then into 2018 if there is a further increase, that's when you can expect to start seeing some who have purchased using I/O , feeling real pain...

 

The topic line made me think of the line "the day the music died" in Don McLean's American Pie

Have me as one of the good old boys drinking whisky and rye

 

The day the bubble bursts in Sydney is the day I will start hunting for my PPOR.

Right now, my chances are looking slim.

 

It burst November 2015! But reinflated in Jan 2016.

Give it a couple of rate rises and you should see less buyers....

 

Is 321 Marrickville Rd, Marrickville heritage-protected? Because mirvac is literally building 11 storeys right across the road...

 

Also looked at the agency profile, looks like he isn't a prominent real estate figure amongst the Marrickville market and has never sold development sites and has only sold a handful of terraces/houses. Choosing the right agent matters!

 

Speaking from experience here...once the bubble bursts there is a lag of a few years before all the prices realign.

I think it was @highlighter who told me that when I was in the same position (and frustrated) as you...in the Darwin property bubble. It took 4 years up here for prices to start reflecting reality.

I think it was the same in Ireland....pretty sure it's the same deal in Perth.

Sorry to burst your bubble about the burst bubble, but the day the bubble bursts is the first day of many years of saving and research.

Depends how the bubble bursts of course, how big the drop is etc...but buying as soon as the crash hits is kinda financial suicide...

 

Was there when it burst in 2004. And was there again in 2007. And im sure I will be there when it bursts again whenever that may be.

So many investors have yet to see one cycle yet make themselves out to be some amazing guru with all the answers because some houses in sydney that they bought went up.

The next come down will be harsh and many will find themselves in serious negative equity and horrendous cashflow. The only saving grace may be a rental market upswing with a return to a less saturated market

 

There were two houses in a line originally being sold as a developer site. Two weeks into the campaign, the sign changed and the two houses were listed separately. Both failed to sell. 321 is heritage protected. The development across the road will be fabulous. It's the old Marrickville hospital site that has sat dormant for at least 25 years. Mirvac are building a new, flash library and community stuff and two blocks of flats. They will replace the old nurses quarters that are the same height.

 

The 60 people there tell 10 of their friends and family, then the 600 tell 6000.. and slowly across the city stories like this blend together into one common theme. A few that have been sitting on the sidelines jump in over the next 6 months, as suddenly their offer is accepted, and so the market does not turn instantly. But eventually these dry up as well.. and soon enough you have everybody just sitting on their hands waiting for something to happen. And that is how indeed markets turn..

 

At least Mirvac is the developer for SOP and Marrickville sites. They are probably the most trust worthy developer and has excellent reputation for quality. My REA friend said that they usually hold value very well because Mirvac built it.

I would take Marrickville one though if I have to choose between the two. the SOP one would have been good if you are CBA SOP employee but they will move out in a few years.

 

Yep. Marrickville is a better location.

 

I actually went to Marrick and Co display and chat with the sales agent. I would have had first dip as I was a previous Mirvac buyer and I would be in the Mirvac VIP weekend before it goes to the general public. Mirvac even throw in free upgrade on interior tiles for all previous Mirvac buyers.

I thought it was attractive, and the design with the Marrickville library is a winner. If I am not constrained by borrowing (I pretty much have to buy something next 2 months to use up my borrowing power before it gets shut), I would seriously think about buying it. I can "blame" ARPA on this one. I am looking at Melbourne again.

That's probably why all those 1 bedder sold out so quickly. They were probably got snapped up by the Mirvac VIPs. There are plenty of previous Mirvac buyers around.

 

How much are they going for?

 

I know they've increased prices dramatically since they initially started marketing online (on domain/realestate.com.au).

According to The Australian:
"Prices for the Mirvac apartments in the Marrick & Co development at Marrickville range from $615,000 to $850,000 for one bedroom apartments, $905,000 to $1.45m for two-bedders and $1.495m to $1.75m for three-bedroom apartments."

Terraces are priced at up to $1.975m and will feature private gardens and lawns of up to 60sq m in the development, just 7km from the CBD.

http://www.theaustralian.com.au/bus...s/news-story/ba57bdabfa9fe38925009f3751ccf797 - Interesting article about Mirvac staff snapping them up.

 

Depending on the location, and floor, and which way it is facing:

1 bedroom apartments without parking from $615,000 - $750,000
1 bedroom apartments with parking from $785,000 - $850,000
2 bedroom apartments from $905,000 - $1,250,000
3 bedroom apartments from $1,495,000 - $1,750,000
3 bedroom Terrace homes from $1,695,000 - $1,975,000

 

You can buy half of Brisbane for that.

Well, at least all of the Northside; the Southside might cost a little more.