NSW Surry Hills

hate to say it... but Surry Hills area seems to be going down in prices for apartments.

Was going up up for the last few years with crazy prices now like looks like going slow and prices advertised lower than last year.

Is it a good time to get into this market ?
I think Surry Hills may go down a lil further yet .

 

Yep, I've got a friend selling a reno who had to knock $100k off expectations ($1.35 2 bedder)... Sellers getting more urgent, buyers getting more patient according to REA's.

Depends on your price range... Everyone waiting to see what impact 8% foreign tax has on NSW buyers post 1st July. Canada experience with 10% foreign buyers tax and 10% drop provides some guidance . . .

 

Studios and 1 bedrooms were past 500k 2 years ago now Studios are going under 400k.

I could of sold my Studio IP early last year for over 450k to 480k now I'm lucky to get early 390 to early 400's

some people would say it's a good time to buy I guess but then how do u know it's going to go up quick again?

Maybe take a long time ? Maybe next year it will be under 200k and finally 100k !

10 minute walk to Sydney City you would think it would be the last suburb to go down !

Maybe share market is better, what a ridiculous govt this NSW govt is , hope she (the NSW Premier) gets voted out , it's ok for her sitting over in her rich North Shore home bringing in foreign buyers tax and battlers like me have to work hard and struggle everyday as my IP's go down further

I really hate this NSW Liberal Govt, lucky the Greens represent the City areas and I will vote for them

 

My girlfriend just sold her studio in Surry Hills for 620k. Took a while to get any offers.

 

Mkt has definitely changed. Certainly no more crazy prices in Sydney...

 

There has been a lot of development in the area. I think the inner east is a better bet for apartments

 

Used to work in that area 6ish years back (has consistently been popular with the ad agency crowd). Price drop isn't surprising given it's already pretty well gentrified. Might be a good pick up for a portfolio that's got an inner-Sydney-city sized gap.

 

@Gockie
They are proposing Inner Sydney High School of 1200 students here

http://majorprojects.planning.nsw.gov.au/index.pl?action=view_job&job_id=7610

 

Everywhere apartments are going up but school capacities aren't keeping up pace! Schools that can take more capacity or more schools are needed in many areas.

 

^ And THAT'S why prices in Surry Hills might be coming off the boil. $620k for a studio. Just nuts.

 

I actually think she would have done better if it was a few months ago. Another studio in the same building sold for 640k a few months ago.

 

Will you sell yours?

 

Living in a larger studio/1 bedder in Surry Hills. Rent going up 4.5% per year, two years in a row now. Conversions of warehouses to apartments all around me. If its slowing - I don't really see it as a renter.

 

Now is the time guys to get in on the Sydney City rollercoaster by investing in Surry Hills / Darlinghurst areas.
5 to 10 minutes walk to the City Centre this area was going gangbusters in price the last few years now slowing right down and theres bargains to be had .

You will never be short of tenants in this area but buy now because obviously the prices will go up again eventually

Studios are now going below 400k but rents going up !

 

Maybe with the upcoming infrastructure upgrades (light rail, metro) people are happy to seek other better bang for buck options with slightly increased travel times.

 

As a young professional, we are keeping our eye on the prices to pick up something either close to the city or in the North Shore for the easy commutes to good schools in the future. Definitely a good time for OO, and not necessarily a bad time for investors if you are investing for the long term!

 

Rules in Canada are not uniform. New rules apply to Vancouver are not the same. As Toronto.

The 8% surcharge is a brutal instrument I agree. Easy public browny points and cash grab. I think 4% is more than enough considering additional Land tax grab as well.

 

You are a RE agent right?

When would be a bad time in Sydney for OO's?

What conditions would you have to see to make it not a good time? Another -10%??

Thanks

 

Hi all,
So what’s everyones predictions on Surry Hills/Darlinghurst for 2019, especially for terrace houses?
Definitely seen the area come off the boil over the last 12 months, with properties like 60 Taylor Street Darlinghurst, 3 Nichols Street and 623 Bourke Street Surry Hills selling recently for much less that what they would have sold for at the peak of the cycle.
Curious to hear your thoughts?

 

Can you pm me a link. I'm interested in what this is like for that price. But ok if not willing to share