NSW Sydney 2022 - Post a Bargain

Last year everything got sold at top dollar even fire damage property and now buyers are considering odd block, easement, M4 noise etc.

I was at duplex auction in greystanes two weeks ago, it had two buyers and received 2 bids, sold for $950k

Another brand new duplex with GF on 22b Macquarie st withdrawn from the market. After failed auction.

In last few weeks red brick home with 550 land sold under $1.05m.

Problem i see on PC is this,

If property sold at auction (rather A,B grade or C grade) it indicates strong market.

But if property price adjustmented, not sold at auction or stay 100 days on market then it was fault of the property.

Market is readjusting and buyers not willing to pay top $ for everything.

If market is very strong why auction participants are walking away from auction, why agents taking offers before auctions, why less bids at auctions.

I attended many auctions in greystanes. I will post more data tonight

 

Theres a couple beauties in the south east (primo maroubra/south Coogee) where price drops have occurred.

Family home, near new, ask was 5.5 late last year. Will likely take below 5 now. Not much interest. Albeit, across the road similar specs did trade at mid 3s about a year ago, so its probably just unrealistic vendor expectations.

Another development site, ask 5.5, late last year, resisted. Will probably sell around 5. Bought for early 3s about 15 months ago.

Not sure if its an indication of bargain, market falling, unrealistic vendor expectations...or just the biggest boom in housing in my lifetime. You can read the data in all the same ways depending on how you want to view it.

 

Interesting on duplex market comments. Haven't noticed 'new' stock performing badly yet.

Auctions in revesby/padstow duplex markets have appeared to be really strong to start the year. Looks like they are up a bit more on last year on early evidence too or perhaps more trading happening solidifying last results last year.

In Beverly Hills a market we watch quite closely, as of last year, the highest trading duplex in the area was 1.755 with a pool, overlooking a golf course, beauty of a build. Was a bit dated mid last year sale - around the time some comment as the peak. It just got blown last weekend to 2.05m on another nice one with no pool. Almost 30% above auction guide with 15+ bidders.

Clearance rates suggest that the market isn't falling yet. Of course this may change (likely will) as the year progresses.

 

28 Lesley Avenue, Carlingford, NSW 2118 https://www.realestate.com.au/sold/property-house-nsw-carlingford-138194130

Price guide $ 2.1m & $ 2.3m
Auction unless sold prior
And took offer of $2,125,000

 

Vendors and buyers ‘travelling on different tracks’ in new year market

Decent summary from agent in inner east

 

You obviously haven’t been to Kalgoorlie.

 

2/129 New South Head Road Vaucluse – Initial price $ 2,365,000, revised $ 2,290,000 - $ 75,000 drop

72 Drumalbyn Road Bellevue Hills – Initial price $ 7,450,000, revised $ 7,250,000 - $ 200,000 drop – 204 days on the market

 

Need to drop more. That's expensive price asking for what it is. Their expectations is off.

 

They are asking x2 what they paid for it less than 4 years earlier.

 

Also anything on New South Head or Old South Head will command much less that is why Vaucluse units se cheap. Certainly not premium. Even really nice units there never sell as well as the Bondi...Coogee..Randwick....Darling Point market. In fact in a bad market they can be difficult to move.

 

Just show the drop in price so post it here. Not suggesting it is a good value or not.

Location or condition was irrelevant last year and everything got sold at auction. people paid millions over the reserve price too.

Now some commonsense is returning to market and buyers are spending their money wisely.

 

822 Merrylands Rd Greystanes, passed in at auction, on market for 70+ days, and sold for $ 1,117,500. Expectation $ 1.2m and settled for a 7% lower price.

https://www.domain.com.au/822-merrylands-road-greystanes-nsw-2145-2017483429

 

Hi ParraEels,

I noticed you posted about Greystanes a bit ...curious why? do you like this suburb? are you thinking of buying there?

Would like your thoughts ..thank you!

BTW i like your posts...thoughtful...unemotional ..factual...polite...keep going!

 

I know that area well and some of the agents too.

Left the area long ago but still, keep my eyes on it.

 

Oh i see...
Do you know it is one of the few areas with a school for gifted kids?

 

Girraween is better school but Greystanes offer Opportunity Classes.

 

Your theories on greystanes are a bit off, as some of the properties you have mentioned have been on the market since the boom was happening. The Canal rd property has been on and off the market a few times, as has Pan. Some of the others are on very sloping blocks on rat run or main roads. And as for the duplex with granny flat on Mac rd, they are a bit delusional to think that someone would happily live in such close confines with poor access. That side of the canal is where people go when they can't afford the rest of greystanes and it is in a terrible spot on a blind bend. So nothing to do with market forces imo.
Once stock standard properties start dropping in price around Darling, Ian, Montague, Ringrose then it's reasonable to start mentioning a downturn.

 

I learnt something today, I thought Kal was a regional centre, but Kalgoorlie/Boulder is a city

 

‘Historic’ drop in supply of new Sydney homes prompts shortage warning

 

Not withstanding the softening market, I think I’ve done well picking this up for $2.03m today. We’ll give it a paint and sand and then live in it for a year or 2 before knocking it down and building a new one with golf course and ocean views. Next door which I would say is also a knockdown and on 25 sqm less land but larger internally sold for $2.375m in Nov last year

25 Fishbourne Road, Allambie Heights, NSW 2100
https://www.realestate.com.au/property-house-nsw-allambie+heights-138353287

23 Fishbourne Road, Allambie Heights, NSW 2100
https://www.realestate.com.au/sold/property-house-nsw-allambie+heights-137909610