Sydney 58% published clearance rate

Discussion in 'Property Market Economics' started by Yek, 9th Dec, 2017.

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  1. Yek

    Yek Well-Known Member

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    Auctions appear to be dead for we 2nd tier properties.

    Private treaty the way to go.

    Too many vendors refusing to accept reality and letting homes languish. The stench of a failed campaign lingers and they end up settling for even less than the initial offer.

    If youve got to sell, accept whatever you get and make like a bandit folks.
     
  2. Speede

    Speede Well-Known Member

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    A wannabe Mexican
  3. datto

    datto Well-Known Member

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    This went cheap at today's auction:

    Bondi:
    7/173-175 Glenayr Av $730k
    LITTLE Real Estate New South Wales
     
  4. AlexV_Sydney

    AlexV_Sydney Well-Known Member

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  5. datto

    datto Well-Known Member

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  6. Tenex

    Tenex Well-Known Member

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    @Yek

    You joined a few weeks ago and you are already giving folks advise on what to do? My man.....
     
  7. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    the vendor buyer vacuum.

    Very common when the market slows and turns..................


    Selles are still being conditioned by agents that "all is well", cab drivers, Brothers in law, and some common sense suggests, the " all is well" varies a lot

    ta

    rolf
     
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  8. Lacrim

    Lacrim Well-Known Member

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  9. Yek

    Yek Well-Known Member

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    Inspected a home off market in late 2016. Place got a serious offer in the high 3s. Vendor refused. Wanted low 4s. Took it to market in Feb 2017. @ auction got 4.1. Refused. Wanted 4.3. Back on the market now. Highest offer at auction 3.7. Only 2 bidders.
    Down $400k or 10% in 6 months.
     
  10. melbournesky

    melbournesky Well-Known Member

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    Dont sell it until you get what you want.
    58% is pretty good. Just normal market.
    If you missed 2 years ago, you won't be able to buy one anyway.
    Even 200k down, you still cant afford to buy any.
     
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  11. Trainee

    Trainee Well-Known Member

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    What happens if the seller just keeps it until next cycle? You buy cba shares at 50. They peak at 90. Now 80. Have you really lost 10?
     
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  12. Gockie

    Gockie Life is good ☺️ Premium Member

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    Depends on how motivated the vendor is to sell. If we are talking about a 4 mill property, there's a reasonable chance that they have a bunch of other assets: shares, cash, super, businesses, investment properties, a holiday house or 2...
     
  13. mues

    mues Well-Known Member

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    You missed the opportunity to sell at 90. So yes, you have lost. I bought the share sq on the nyse at 27. It peaked at 48. It’s now like 37. Now I’m wondering if I bag hold for a year or take my gains - I view it as losing 25% for sure. I actually typed in the trade and pulled out.

    I also think people boast about paper gains, but never paper losses when it comes to houses.

    In the end Sydney looks cooked. Unless something comes to change the market, it could get ugly for overextend people.

    When the music stops and we stop creating house bubble wealth, I really hope it does not spill into the wider economy. Let’s hope there is another boom to take over boom bust mining and boom bust housing.
     
  14. sash

    sash Well-Known Member

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    Mate....you must live in different city.... @Yek is spot on about the market trend.

    Better hurry up with the duplex in PCC.......
     
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  15. Yek

    Yek Well-Known Member

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    Mainstream economists parrot the same tired old lines ---- "The RBA can't raise rates because of the debt load ..... this should keep a floor under prices... unless there is a big rise in unemployment". For all their formal training in economics they are a hopelessly clueless bunch. They assume these events are sequential as though a rise in unemployment precedes a fall in house prices in a neat sequence. Morons
     
  16. sash

    sash Well-Known Member

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    Trend is continuing...downwards...I am seeing that if prices are inflated it does not sell.

    Once massive amounts of stocks come on in the New Year...it will get even more interesting...time to look outside of Sydney...the smart players did this 2 years ago....they listed in 2016 and got out...assuming they had to...

    One in six owners withdraw homes from auctions across Sydney
     
  17. Eric Wu

    Eric Wu Well-Known Member Business Member

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    is that a downwards, or flat line?
     
  18. AlexV_Sydney

    AlexV_Sydney Well-Known Member

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  19. melbournesky

    melbournesky Well-Known Member

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    730k in bondi beach???
     
  20. mickyyyy

    mickyyyy Well-Known Member

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    Good stock sells for prices achieved 12 months ago and is some cases more and others selling for what they are really worth, it will take some more changes like interest rate going up to see the good stock to start dropping in price.

    There is still a massive amount of interest in Sydney and it was validated to me when I popped into the Sydney Investment Expo a few months ago. A gentleman was talking about Sydney and out of all the sessions his was packed, all seats taken and plenty of people standing.