NSW Is it the right time to buy in Sydney?

The only thing to take into account selling and buying at the same market is the cost of stamps and REA fees. In Sydney it would be x00000's of dollars depending on which part of Sydney.

This has stopped me moving house because all those money I would rather spent on renovation instead.

 

mexicans are closer to being set for life via property solely ( and assuming no outlay- ie pure organic growth) than any other market in australia excluding select pockets in other cities.

 

No one in brisbane snorts and squeals...used to but not anymore...they are a sophisticated bunch thesedays- have upgraded from that to wearing 'make america great again' trump truckers caps.

 

We will be buying in the Blue Mountains this year. For a value investor, the prices are slightly palatable, as at least the prices here haven't gone up as much as other places in Sydney. Although I realise that calling Blue Mountains part of Sydney is a stretch.

 

What do you mean @sash ?

 

They are getting snapped up quick around the lower blue area! Lasting 2 weeks max before fomo calls!
And id call the bottom half sydney now. The sprawl is moving in

 

In a rising market.... Buy... then sell

 

Mountains market been moving for at least 2 years now... just a heads up.
Btw. Hope to see you at a future mountains meet
Where are you looking?

 

The Southerners will head to Brissie now for value......Sydney is very overvalued now......

 

hello OP - plenty of great comments and thoughts here!

just wanted to say if its a PPOR then this is how I would approach it

first work out the tangibles - the numbers and hard facts such as price, affordability, holding costs, repayments, income stability, property condition, proximity to work/schools etc.

then the intangibles - whether property is suitable for your family, whether its a transitional PPOR or a "for life" one, would it make the kids happy, is the backyard big enough to hold family/friends gatherings, would you be proud to call this place home and being a male most important - would it make the wife happy? etc etc some would argue this is more important, these unseen factors which contribute to a general sense of wellbeing

plenty more questions to ask yourself - dunno your circumstances or specific goals so can't help beyond that I'm sorry

It's good to make judgements, predictions and have awareness of the market but sometimes you need to differentiate your intentions of the target property and wear different "hats" when analyzing

IMO there's abit too much information, articles and data that gets freely chucked around these days that we lose sight of the bigger picture, property aint shares, its meant to be an illiquid asset class but you wouldnt think of it like so with all the media bombarding us everyday about % increases here and auction clearance rates there

*unrelated note but personally this is why I have big respect for the old-timers who did not have such available accessibility of information and research in the "old days" - just did their own research and got on with it...

 

Yeah, its a bit insane actually. Most likely Blackheath but potentially Leura or Wentworth Falls as well. I'll certainly attend a meet up

 

Ok so the fomo is in Sydney? It wasn't clear to me.
I'm feeling like the peak must be there in Sydney. Just the language I'm seeing in media reports about "extreme" etc

 

We thought we had bought at the peak mid 2015 (PPOR), however here we are now with houses in our street selling for over 150000+ we paid less than 2 years ago!
I guess you can never be a 100% sure.. especially if it's your PPOR and you are looking at long term value.

 

Yes...that is the clue and all those news articles everyday about housing affordability. On the news almost everyday....

 

I bought in the second half of 2014 and people also were thinking it's too late....

 

Melbourne will run on for a while longer then brisbane will take the baton. That's my feeling

 

Ur

S..already happening but not in huge numbers because Brisbane just doesn't have the jobs strength (country town after all - I'm writing this post in a trendy inner city Cafe and they are playing country music- there is your evidence.. ).
A fair number of Sydneysiders will opt for Melbourne over Brisbane because of that.
'Value' is a good driver but it's not as powerful if there are limited jobs. The lack of jobs has been factored into Brisbane prices- thats a key reason why there isnt a bigger boom as yet.
I suspect it will take the casino and other larger scale developments yo come to fruition in Brisbane before we see a stronger boom.

 

good point mate, I am still trying to work out whether I have the serviceability to do that

 

Check with a broker... worst case scenario you might have to get a bridging loan.

 

Great graph! Here's a hypothetical question.... choice of Penrith or Lower Blue Mountains at the same price. Which would you go for?