Signs of a sydney (see ) change ?? What's your take ?

The mood seems to be turning against high levels of immigration, so I'm not sure how much Gladys will be able to influence things. In particular, some temporary (457) visas will no longer have a path to permanent residence, and getting citizenship will take longer.

Then again, a big chunk of new property is being snapped up by overseas buyers (around 20% across Melbourne and Sydney), who aren't necessarily immigrants. Perhaps that's the development that was referred to above.

 

'I'm not doing this any more': the rush to escape Sydney's mad house prices'.

Amen to this article ^. This same sentiment formed the basis of my investment choices over the past couple of years (buying in Adelaide & Bris) and it is now something I am adopting in terms of my own personal living situation. I spent most of my life in Sydney, and while of course in hindsight I wish I had bought here some time ago, the reality is I didn't, and that has now forced me to look at opportunities elsewhere I wouldn't have thought I'd ever have considered. And that's ok because I'm quite ready for a change. The difference in property prices in the other capital cities is so stark that it makes the choice so much easier.

As someone who enjoys inner-city apartment living, I can't quite believe that I have the option of buying or renting in Melbourne or Brisbane for almost half the cost of the same thing in Sydney. I like Sydney but it's not THAT great. I am currently in the process of applying for a job in Melb in the same industry I am currently in, but with better pay. It's a no brainer. Looking at rental and sale listings I'm finding I'll be spoilt for choice in inner Melbourne. I currently rent a 2 bed apartment in Surry Hills in Sydney and share with a flatty; in Melb I could do the same thing for almost $200 less per week; or I could rent my own 1 bed and not share for the same price or less; or I could even buy my own decent 1 bedder for around $300k+ less than Syd. Options.

 

I like the idea of buying a $250k 2/1/1 apartment near Brisbane... You cannot get them in Sydney. That doesn't even buy a studio here.

 

Who would listen to her anyway ? She is not the PM or a fed politician with a lot of clout.

 

Where is here roughly ?

 

Pemulwuy

 

Canberra would be quite cold in the winter I would assume, same with Melbourne? I doubt I could live anywhere south of Sydney, probably from spending too much time in the tropics as well. WA might be my cup of tea, the weather there seems similar to Sydney and north NSW and with the announcement of the new billions of dollars in WA rail announcement it might be time to look there for my next property. I do like the Melbourne art scene and creative community vibe but I like the sun and warmth these days, must be getting old, Maybe one day I will have a home in each city for each season .

 

Canberra gets very cold, but it is not a problem, your not going to be sitting outside in shorts and tee shirt.

I have been in Mel when it was stinking hot and Syd was mild and time of year should have been mild, I think Mel is not that different to Sydney, but have not spent long term there so do not take it as gospel.

 

No offence but if you are looking at Perth means you really have no idea how this State is suffering and what is happening.

We have businesses closing and no jobs. We are nowhere close to replacing mining and worst economy in the State.

Rents are in free fall due to oversupply

Do the research on what revenue mining provided and the rail project

 

I felt we have passed the top of the cycle. Auction volumes and clearance rates seem to be trending down, although it's still early days. I have also seen some anecdotal evidence of some auctions being pushed back etc some houses going stale after not selling.

What I expect from here is a bit of volatility so some properties failing to sell, some still getting bid up, some vendors with unrealistic expectations letting their properties go stale..

Could be some opportunities for those who pick a vendor who has committed to buy elsewhere.

I am selling a townhouse in Pymble at the moment so will see how that goes, first open on the weekend and 16 groups and 5 requests for contracts so still pretty buoyant but if someones offers silly money pre auction I'll take it!

 

Just say RBA cut 0.25, 0.50 in the next 12-18 months. These cut are passed onto PPOR but none to IPs..

I know at least from work, friend and relos that there are still the 2nd, 3rd phase FOMO FHB that were sitting on the sideline since 2013.

Would this attractive low IR smoke these FHB out of there bunkers?
What and how would these effect overall Sydney market from correcting? would these have if any cushion effect? or nothing's gonna stop this Titanic...?

thoughts?

 

That's exactly what got me into buying a PPOR in Melbourne a few years back. I thought that with such low IR rates and incentives(no Stamp duty), i can repay my loan a lot quicker than usual but needed to be pretty disciplined with money so it worked out really well...
Pretty much same circumstances now with the only difference that the incentives are targeting higher prices dwellings like the Victorian government no stamp duty on 600k FHO houses and so on.
I don't think that rate cuts will send the market into a frenzy though since investors won't have the same incentives but who knows, FHBs will have more money on their hands and might actually push the market a lot higher than one would expect.

 

That is good outcome, 5 requests for contracts, keep us posted, all the best
All the,

 

I'd be happy with that as well.

 

Hey what's wrong with sitting outside in shorts and tee shirt in Cold???

 

the mongrelling started 2015. I remember there was a Sydney broker (Mike C?) was still property as investment in Sydney 2015... alot of people including myself was jaws wide open...

I believe these property would gone up 30% since then.

 

Apart from buying in 2005, 2008, 2010, 2011 I had also bought late 2014 and at the end of 2015 in Sydney... all have done well.
Only "disappointment" was 2005, which was the wrong time in the cycle, it still went up though after a few years. (Sold with a 45% gain).
Wouldn't necessarily buy now.

 

FHBs still need a very big deposit but if there are dual-incomes.

APRA serviceability changes actually provide a cushion as well, particularly if loans were taken out or refinanced in the last 2 years.

 

Absolutely, I'm a complete dummy when it comes to Perth but I do know it's been on the downward for sometime. That is what I'm here back using property forums to research, research and research. I'm looking at all areas around Australia for my next reno project, nothing is certain, I have 200+ properties bookmarked in my database all located in various states to consider. I have been out of the buying market for a few years but my enthusiasm is brighter than ever. I want to learn and find out where the best place for me to head to will be. I study infrastructure developments, council, transport, jobs, Government plans, council plans and the list goes on as I want to make sure I invest wisely. I have been opening up discussions on all these places including Newcastle & Sydney which is more local to me as you never learn if you don't raise questions. I see I started a bit of a debate over on the Perth thread as well regarding the 2+billion dollar rail and road project

 

I agree that as she is not federal she has no direct control over immigration but her ramblings might somehow embolden those who have vested interests and have power/influence to act on them.