NSW Sydney 2020 "Megaboom"

Couldn't agree more, Thunderstrike.

It is also one of the few booms that is government guaranteed. The RBA says it will hold rates at this level until 2024.

The four banks all told a Parliamentary committee last week that the boom is sustainable, and different to last time. It doesn't need any macroprudential intervention:
Housing again at forefront of Australia's economic growth, making banks happy

 

$1m price increase in 5 months for house in Marsfield
https://www.domain.com.au/news/sydn...ve-months-in-massive-auction-weekend-1045546/

 

This unprecedented super boom is going to make a lot of multimillionaires!!

 

I feel my family and I live in Sydney suburbs that have particularly done really well for price growth recently.

Though so many other suburbs have done well too.
No complaints.

 

Yep! Wishing all the property investors nothing but wealth and health!

 

Anyone wanna guess what this went for?

https://www.realestate.com.au/property-house-nsw-bondi+beach-135790482

@Sackie

 

8.64 million?

 

3.9m?

 

$4.8. Phenomenal result. Semi on 220 sqm!

 

I would have thought it was worth easily 8.6m.

I guess it supports data from SQM showing prices are down 41.6% for the quarter!

 

Amazing result. The apartment I just bought is bigger than that for much less. Hence I think the numbers works well for a reno, hold short period and sell.

Bondi et al real estate is absolutely on fire.

 

This was from April 2014. I thought the prices were incredibly high then...
(If you are wondering, Epping's median is $2mill right now)

 

Home prices continue to surge in April

No Cookies | Herald Sun

I think even though the rate of increase may slow in coming months the growth is going to continue for a long long time.

 

Damn greedy property owners.

Sydney property owners test market with ‘unrealistic’ prices (domain.com.au)

 

Hilarious that the agents are calling some vendors greedy. Charging 2-2.5% plus advertising to open the door and take some names down is a bit rich no?

But I suppose, tight suits and BMWs cost quite a bit.

 

well its not like the agents are holding a gun to the owners head. Up to them if they want to proceed or not

 

So this is the increase in supply thats supposed to give buyers more choice and slow the boom...... but if sellers simply withdraw if they dont get the price they want......

 

Lots of CDC sites are on fire - so easy to get approvals now and fast.

Its part of the rapid acceleration in landed home values - but not spoken about too much and gets lost in all the talk of Sydney booming for interest rates/etc. Many of the articles about huge increases in ~5-6 months recently on domain have been CDC friendly sites.

This IMO is one of the biggest zoning changes that Sydney citywide has had. It's massive & applies across the city. Fairfield council has had it since 2018 and was trading like hotcakes prior to Covid given ease of approvals and increased density allowances (particularly terrace sites). The broader Sydney market has it applied since mid 2020 and now the market has caught on.

I was at auction in East a week or so ago. It was a knockdown home (un-renovated, unliveable almost) that traded ~20% higher than a few doors down that was partly renovated which sold on mid Feb 2021. Unlike that one, this one was a CDC duplex site. Many of the bidders didn't recognise it as one so most dropped out and a couple bidders took it the last 15% or so. It was flood zoned so a riskier site, but overall the buyer who paid 20% more than a few doors down a couple months ago will still make a good profit (our numbers had it at 30%+ GP's, with a manageable simple approval likely inside settlement period). On face value it looks like Sydney is running away price wise because of asset inflation...in actual reality the productivity of selective land has changed in a short period of time.

 

No slowing down this MEGABOOM anytime soon. I said this back in Feb, Sydney Median is going to be $1.4M-$1.5M by the end of 2021. Its $1.3M now. Not much to go now its going to happen 100%.

House prices in six capital cities hit record highs

In fact anyone holding property pretty much anywhere is making a motsa right now. Let the good times roll.

 

You dropped your forecast of 2M by end of 2021 man! What happened?

Sydney median price hits $1.68 million