Mt Druie Suburbs - revisited 2019....

Hi All

In the last Sydney meeting in the city...I had a few conversations about Mt Druie suburbs. It seems prices have come off 15-25% from the peak.

When I posted this thread in 2015 is was very emotive...people were saying that prices in he Druie would stabilize and not fall. I disagreed...it would seen now fast forward 4 years...the market has indeed dropped....

NSW - Watching the Druie Drop in Slow Motion (2018)

I am seeing properties well under 400k ...the agents are saying that rents are now 330-370pw (Druie satelite suburbs). Also lots of auctions and a few are force sales....agents I am talking to are saying people are afraid to bid at auctions. So I asked the question why would they auction them...answer forced sales...

Here are some selling or being sold for under 400k. It seems prices have now pulled back to early 2016 prices. I can see a lot more houses with a 3 in front by next year.

Houses for Sale in Dharruk, NSW 2770 (+1 location) Pg. 2 - realestate.com.au

What do other people think?

 

I think you should start this thread from your opening post(17/5/2015) on your original Druie thread.

Watching the Druie Drop in Slow Motion

Hi All,

I thought it would be interesting exercise to watch how the market in Mt Druitt suburbs correct over the next 2 year. So I have developed this thread...

I did a quick survey of the Whalan; Tregear; Lethbridge Park; Emerton; Dharruk...it seems most houses sell in the 440-500k range now. Not many over 500k compared to when it peaked.

I reckon we will see price adjust to 400-440k within the next 6 months.

As I have said before...I reckon we will see 280-350k as the norm for houses by 2019.

sash, 17th Oct, 2015.

 

Welcome back El Turko!

Fair enough....but lots at under 400k....sure they have not got to 280k...but 350-400k is realistic.

The point is that the market has come off 20% since the peak around late 2016......should get interesting....eh?

 

Prices seem to be at 2017 levels.
Where to buy in NSW for under $500k

That article was published in December 2017.
"Very small pockets in the Blacktown area like Willmot and Tregear, with median prices of $475,000 and $490,000 respectively, have cheap homes available as well".

In March 2019 the median house price in Willmot is $462,500 and Tregear is $492,500.

Whalan- 488k
Lethbridge Park- 497.5k
Blackett- 498k

 

My cousin bought in St. Marys, prices have come off the peak (no surprise there). Yields are already down 10%, more to follow. I think 10% down in yields has a lot more than 10% down in prices on the local market.

 

Forced sales at auctions will start setting the price trend. If a listing doesnt sell and tge auction next door goes for 10% less than their asking then they will have to drop it 10% or more to sell. Auctions work both ways.

 

The auctions I’m attending which pass in or even get withdrawn due to no buyers showing up still won’t budge on price when I make an offer. They are stuck on last years prices. So these can’t be forced sales.

 

OK everybody settle down.

We all know that prices in the Druitt have come down. Any further drops and you'll be able to afford them on a 15 year old's award wage. Which reminds me, it's nearly time to take a spin through the Mcdonald's car park in my 2017 Clubsport supercharged V8.

OK I haven't bought the Clubsport yet but I could thanks to investing in Mt Druitt property.

Anyway, what goes down must come back up. And those prices out there will come back up.

 

100% Dats.....

Is there Druisque analogy for what goes up must come down?

Ya know some of the people....reading this sprecken only the Druie....

 

$350/400 is good buying.
If one is prepared to hold long term
Especially better larger block to subdivision in the next up cycle.

 

Your spot on, there not forced sales! The forced sales are actually outside of good old Mount Druitt

 

Drunk is in Victoria

 

I noticed that and confirming no forced sales as yet but other auctions im attending outside Mt Druitt I've seen some forced sales.

 

I was talking to a couple of agents...they are getting a few through. Not in huge number...but he said they are happening. He told me that for him to get one....it could take 6 months plus from when the bank starts the process...with the client.

It should get interesting....

 

There going to happen for sure but there already happening in other suburbs outside of the druie! The suburb has pulled back like many others and the cheap stuff is cheap for a good reason.

I've noticed other suburbs doing worse... It's going to get interesting in most suburbs in the outer ring, even from 15kms!

 

Yep....100%....Hills is one area...no too many mortgagee sales but lots of prices have dropped 20-30%....the Inner West this time has also take an significant hit this time...something like 10-20% this time around. Sutherland is also another one which took a massive hit.

 

They’ll drop another 10%. Would be very very interested to hear @eletronic_exp0430 opinion!

 

Agree about another 10% to go...

Yes it would.........I think he and others have gone to ground!

 

Don't think he was in it for 1 cycle.

Plus he can just sell his Sky Dweller and that would cover any losses

 

LOL it can drop another 50% and I'm still up so don't worry - I aint losing a single cent of sleep over all this. I bought my very first house in Mt Druitt for $186k and most my in Colyton and St Marys for circa $200k. It Will NEVER EVER get to those prices again.

My rents paying off the rest of them as we speak monthly. I think I owe like $30k left on like 6 of those properties.

Hahaha and yes I could sell my Skydweller and get my losses back. LOL