NSW Sydney appartment price crashing may be bigger than I thought !

For areas I am familiar with, I saw a few sellings for 15% and up to(not quite yet) 20% off the peak price. The occurence of "current bargains" is noticably more frequent than 2 months ago. Rental is currently slightly falling or strugglling to hold.

It is just the starting, still lots of( I guess majority of it) apartment high rises to be completed within this year !

Compared with the early stages of last bust in 2003/4/5/6, it looks like the down speed is much quicker than last time. No official figures as evidence yet.( Who cares about official figures, always too late anyway).

Bloodbath at end of this year and early next year ? Hope not. ! Feelling a bit uneasy now !

 

Some examples would be good.....

 

Yes, to show areas too....

 

which areas ?

 

I take it you are referring to the CBD?
Whilst I am somewhat new to studying property markets I am certain Melbourne's CBD is in a bubble. There is no way this development can sustain and now starting to see firsthand the ARPA effect (I earn a good salary and was blown away by my poor servicing capacity).

Looking forward to seeing the graphs over the next year or two, particularly when the 15 towers currently under construction in the CBD and docklands are completed.

 

Campsie 2194. A few months ago, at the peak, the 2bdr walkups settled close to 550K or over. Then last month, there were 2 or 3 under 500K and got sold . Now there are 5 on the market. Strange ! Does it mean something in trend or just a one off blip ? or it is just Campsie only( not the best suburb to live in though). I think you can get them for 450-460K shortly.



What is your area feeling like ?

 

Campsie in NSW? I thought Campsie is in high demand from the Asian communities especially Vietnamese. It's probably a one off.

 

When I was in campsie late last year I saw some new developments could it be the new supply affecting the older units?

 

@larrylarry : Campsie is not a a high demand area for Asian community. It is a "have to" area. The population, from what I can see, is a mixture of all nationalities around the world.
Campsie itself does not have too many highrises, but a lots in its vicinity.
People these days are very mobile. People will live wherever cost/amenities are of better value combined.

 

I'm not too familiar with campsie but that's where I would go to satisfy my craving for Vietnamese food. Is the vacancy rate low? There's like 3 units that are asking below $500k.

 

I don't necessarily agree prices are crashing, at least not on the northern beaches. I have been unit hunting over the last month, and units are going very quickly at asking price or just over. There is a general supply problem at the moment which no doubt driving the market. This may change in weeks to come; agents are suggesting more listings are coming.

 

Where abouts in the Northern Beaches are you talking about?

 

I agree with this. Lots of apartments highriese are being finished or will be finished. Every months, the market will be different. My agent friend is telling me some of his builders are trying to delay the finishing time to avoid congestion of supply.

 

The frothy prices have gone. But I reckon most people owning a 2br unit in Campsie would still be quite happy that their 2br unit could still command something near 500k. Question is, will the prices stay there or move up or down? If a lot of unit stock is still to come on, I guess down may be the direction.
Its something to watch...

 

Ohh, i fully agree. A good unit 322 with all amenities in the premises in Baulkam Hills recently accepted a friend's bud at 680k. Was lowest in comparison to unit prices there. I had a lookat previous years records.

Similarly 221 units/ apartments in suburbs in vicinity of Parramatta have come to as low as 520k bidders guide. One got sold at high 500s to low 600s during boom.

Land prices are coming down as well. Yhe question is, will yhe prices match the yield for buyers to pitch in?

Regards

 

Down is for sure. Just wondering by how much ? Last december, a simple two bdr was asking for 475k or 479k and sold for 455K. Maybe a murder scene( there was a murder not too long ago and building looks similar)

 

Bear in mind it is just the beginning, lots of supply on the way each month. I have a feeling the down speed this time is a lot faster than last time. Maybe the % of down will be much deeper as well ? who knows.

 

Not in Melbourne. Talking about Sydney market.

BTW, are there only 15 towers being constructed in DBD and Docklands ? Is it a lot or not a lot ?

 

What is the price range you are after ?

 

Bear in mind that NSW gains 100,000 new people every year with the vast majority I understand moving to Sydney.