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

It’s pretty clear that the pendulum has swung the other way on immigration.

 

She is not doing a very good job, I only heard about it on here, so it is not getting much air time

 

Thank goodness for that!

 

Not the be all but Corelogic Sydney indice has dropped around 1% this month (recall it dropped 0.1% for April).

 

Last Gasp ?

The house next to us went to Auction yesterday I know the Agent very well . Expectations were 2-2.1 maybe 2.2. Several comparable in the last few months 1.9 - 2.2

Turramurra , Old house , land value .

2.55 WTF !!!

Don't think it's representative of the wider market . Just several people wanted THAT block .

Cliff

 

Regardless, that is now raw data and Syd still hot.

 

I tried to go to 2 auctions yesterday near me. First one was a battle axe property on the high side, house was so-so. There's just some things I didn't quite like about the home (I think 1970's style), the layout didn't appeal, there was a major room that was lacking a window. Home needed some reconfiguration in my opinion. In its favour was that its an easy walk to station (about 11 minutes) and had plenty of off street parking... 4 cars. But that also killed the front appearance as the front of the house was all concete, absolutely no grass to be seen. And I like a green front yard.

Anyway, we were slightly late for the auction by only a few minutes but I was told on approach to the property that it passed in. I think the fact it was battle axe is the main reason the auction failed, and the layout did it zero favours. I personally could live with that house if it had street frontage (and then I could reconfigure it or knock down and rebuild), but the combination of no street frontage and a bad house would kill the deal for me.

Rule of thumb, you can change a house (renovate, rebuild, redevelop) but you can't change the location. It would be a very hard task stopping this property from being battle axe. It will be a negative factor on future resale.

A bit later on in the afternoon there was another house auction on another local street a short walk from our house, further from the station (maybe 18 minutes walk from station), good land East-West orientated (841 sqm) on high side with street frontage, it was extremely well presented throughout the home and garden. Marketed by the same agency I engaged to sell both my old home and my West Ryde IP, so it was absolutely on the mark in terms of presentation and marketing.

I would describe the home as completely possibly heritage weatherboard, new roof, fully renovated inside and out, great all renovated bathrooms, walk in pantry, new kitchen, great flow from inside to out, walk in wardrobe. Very appealing home and it ticked all my boxes (styling was amazing and showed the place in the absolutely best way... I'd say the same company that styled my home styled this one).

It came across as a perfect and extremely appealing single level home. Not another cent needs to be spent on it. 4 bidding parties, 3 of them quite serious. End result was that it went to a phone bidder, maybe from China I suspect. (Btw. All bidding parties appeared to be Chinese. Some groups appeared with kids so I assume they could be trying to get into the area for the schools). Anyway, IMO the phone bidder seemed to have more money than the parties on the ground. At the end it sold for 2.12m IIRC.

So... solid product well presented still selling well, prices are still at all time highs for the right product. Less demand than before though, with fewer serious buyers on the ground than other recent times. C grade and inferior product may not easily sold. Buyers not buying properties not ticking all the boxes.