It's official - Sydney values down over the last year, Melb slowing

Well the latest Corelogic stats out today show -0.6% year on year for Sydney, and -2.4% in the last quarter.

Housing prices slip for fifth straight month

CoreLogic Home Value Index - Monthly Indices | CoreLogic

https://www.corelogic.com.au/sites/...18-03-01--CL_HedonicHomeValueIndexResults.pdf

Melbourne now starting to come off as well with -0.4% in the quarter and probably more to come. Seems pretty normal pattern that has been seen in the past.

A few on PC such as @sash have been predicting this several months ago, but people were quick to jump on their back. Guess now they can get some "told you so" points in

 

-0.6% hey? Wow. Well please wake me when it gets to -50% so I can buy some more cheap.........otherwise I'm off for a nap zzzzzzzzzzzzzz.

 

Only -0.5% YOY but -4% since Sep 17 peak.

Houses look worse than units.

 

Property doubles every 7 to 10 years

Property doubles every 7 to 10 years

Property doubles every 7 to 10 years

 

I predicted that since May/June 2017 (after APRA implemented their changes in April) with detailed explanation.

Many didn't listen and laughed, or commented that's just a pause or fluctuation or noise.

But that correction won't last long... Sydney properties have a solid support in the future.

 

Mate they are not going to listen.....they will when they see what happens in another 2 years. it will be crystal....

That is why I created my new Avatar...

 

Hmmm....would the vested interest of being a BA come it it?

There are areas where it has already come off at least 10%....for example I know someone who listed a very large house in Quakers Hill for 950k....6 weeks later highest offer is 850k....that is almost 10% off....and more to come.

Spot...you are looking at the underlying trend...which is why you are seeing it...

That is exactly what is happening...

LMAO...are you on the spectrum?

 

I am the spectrum.

 

You mean several years ago - what is the movement since 2014 again ?

Agree that I’ll have to give back the 2017 gains on the Sydney ones I’m keeping - maybe even a bit of 2016.

Still better than acting when the doomsayers started.

 

It's a median, though. It's not like looking at a piece of clothing and seeing a less than 1% discount and thinking, 'boring'. It also doesn't mean everyone has lost -0.6% (which does seem mild).

This is a price growth trend, and that median means that in Sydney, the midway point was a loss of -0.6% and half of the market experienced a greater loss to varying degrees (of course, it also means a bit less than half the market still made money, which is why it's to early to be sure this is an ongoing problem).

Something suggesting it may be a continuing downtrend, however, is Sydney's price growth has fallen from a median of almost 20% in just a year.

With a loss of -0.6% the loss greater than it sounds, because you need to account for inflation. With record low rental yields it takes price growth of around 4% minimum to even make ends meet, in most cases, in Sydney. So a -0.6% loss is actually pretty serious.

Still, it's just too early to decide where this train is headed. Things could improve, or could continue down.

 

You will gove back up to 2015 plus land tax...no brainer the 1.6m north ryde home will be 1.3m ...when the nusic stops...dems the way the market works ...at tha point if you hold another 10 years land tax would have cost 12pa or 120k. You would have bought for say 700k...plus 120k holding costs lets say it is neutral cf. That leaves you with 480k...do the numbers in term of holding at wich point you have held for 20 years. The return is like 3.6% return....something to think about.....

 

Anecdotal, but mate selling a house in east Melbourne. Wants 1.3. Agent is constantly lowering expectations for the auction.

Sold 4 last week. Had all 6 passed in the week before.

As a seller he said he is concerned he’ll just have to take the price he gets soonish as it’s slowing not speeding up.

 

Interesting. I felt Quakers hill is still going strong. And they are houses also selling in first and second homes. It all comes down to location and the house. I have a friend who has been looking for homes in a particular area in Quakers hill and either they are very less to come to market or get sold privately

90 Summerfield Avenue, Quakers Hill, NSW 2763 - Property Details

25 Mallee Street Quakers Hill NSW 2763 - House for Sale #127637714 - realestate.com.au

49 Kashmir Avenue, Quakers Hill, NSW 2763 - Property Details

 

1.3 for a house in east Melbourne?
The suburb east Melbourne or the eastern suburbs of Melbourne? If the suburb please post a link

 

And recently I saw a 1.4 M sale in Quakers hill

25 Tanzanite Street, Quakers Hill, NSW 2763 - Property Details

 

Market has changed trouble finance now

 

Eastern suburbs I meant. It’s a decent suburb. Not a top flight one. I don’t want to post the link and out the bloke.

Standard 3 bed 2 bath decent sized block.

 

sounds like burwood or similar... pm me the link and i'll low ball him

 

Nice.

Location opposite Parklea Jail.

 

Just nearby a correctional center. Probably good for visiting relatives there whilst running a grow house lol. .