I was there the day the Sydney property bubble burst

Yep GFC caused panic/distressed selling in 2007-2008 and people were slashing prices to offload assets they couldnt afford to whoever could actually buy

 

Gee, maybe I was really was there at the turning point:

House prices fall in Sydney for first time in 18 months

 

Omg!

.... massive decline!

0.1%!!

I think the sky is about to fall in!

 

The tipping point

 

Last time we called the straw that broke camels back PC was wrong.. The market eventually got hotter!

Let's see what happens!

 

Here's the panic button

 

Cue the PChat educational "Few Outsiders" video:-

 

‘Some correction would seem likely’

I know this is another doom and gloom article

But do fellow people think that we are going through judt a normal cycle?

7% of a 800k median is almost 60k.
After huge growth we see period of flatness and falls if following cycles.

Just can't imagine properties falling 7%.

Cycle wise. We should see regionals start rising soon. But in a cold market I just can't help feeling there Wil be growth there either

 

We have seen regionals rising already.

If the growth is fueled by cashed up buyers making decisions independent of debt its not hard to shift certain regional prices upwards. Depends which ones of course not all will grow or at the same rates.

 

Cycle wise. Yes now is the time when cashed up buyers or herd followers try and enter the market so they go to the satellite suburbs.

However I don't really see a rise in the regionals I'm familiar with at all

 

Its normal boom/bust cycle, we are currently seeing this in Perth around 20% dependent on suburb and Darwin. Why would it be any different in Melb or Syd, look at their previous boom/bust cycles

Key is to not be stuck holding the baby either access equity or sell cash in chips prior to peak

 

The thing i love about property investing in Australia is if one city/area/region is peaking then we have several other regions to move onto.

 

if there wa a 7% drop I would be considering buying a decent PPOR in melb,

obviosuly I can see the market cooling down but it would be good to see a 7% drop soon

 

Same here. 7% drop in my price range is about 90k. I will take that discount.

Areas I’m looking in there is a bit of stagnation.

For example this. I was expecting this to go for $1.6m considering a 3/1/1 couple streets away sold for $1.33m a few months ago on 400ish sqm of land. If this dips below $1.3m I will consider making an offer.

33 Newman Street Brunswick West Vic 3055 - House for Sale #124933454 - realestate.com.au

Also this one has been sitting and discounting for a few months now.

126 St Leonards Road Ascot Vale Vic 3032 - House for Sale #124482058 - realestate.com.au

hard to tell what’s happening, could be just a seasonal thing, cold Melbourne etc…

 

That Brunswick property what a gem, and its a development site to boot.

The thing that is weird is sometimes you get a slight dip in a booming market, we saw this in Sydney around October 2015 and I also saw this happen in the last major boom in Perth, but its really hard to jump in because it could continue to drop, but damn if it continues to rise and you missed out.

Primary residence different rules if you are looking long term then hell just go for it and buy the best you can, your dream if possible

MTR

 

Yeah that Brunswick place is so good. Must have heritage overlays on the house or something?

At 1.39m I can’t afford it, at 1.3m it’ll be a struggle, at 1.25m I’ll be happy

 

Last time I spoke to my architect when I was looking at a corner block development potential in Melb with heritage overlay he said its not a major issue dealing with this, we could still develop? I did not go ahead with the purchase and it was bargain price, another developer purchased the property and built a new home, has its own frontage....grrrrrrrrrrrrrrrrrrrr

 

Not talking about herd followers they pile in at the end when prices are already high in the cities.

Growth - Illawarra, Southern Highlands, Newcastle, Tweed, Mid North Coast, Geelong, Yarra Valley, Gold Coast and Sunshine Coast to name a few.

 

Good advice, agree on the NSW ones, I'm not familiar with QLD so would not know but the coasts seem good from what I have read lately..

 

I see the house that kicked off this thread sold:
321 Marrickville Road Marrickville NSW 2204 - House for Sale #124885466 - realestate.com.au
The price hasn't been published yet.
The smaller house next door sold for $2.150m.