Sydney drops 4.7% over last six months - what do you think is happening?

This...New Listings Are Higher Than Year Ago While Total Listings Are Lower

Total listings (stock on market) in Sydney (21,300) is 9% higher than Brisbane's (19,547). But Sydney's population (5.03mill) is more than double that of Brisbane's (2.36m). (Wikipedia June 2016). There's just one conclusion and outcome...

 

I just sold a place in western sydney today. 2 weeks on market, 10k off asking.

Have another place which we have had listed for 6 weeks. No takers yet.

These are sub $700k properties with most enquiries coming from FHB. Zero interest from investors.

 

What's the difference between the first and second one?

 

Second one is 10% cheaper, busier street and really needs an internal paint.

 

what kind of place is this? a unit or house?

 

Both townhouses

 

would you disclose suburb in western sydney?

 

Why wouldn't you get the place painted - makes sense to have it prepared for sale.

Even more so when you have something like a business street or any other negative impact on a property.

 

I would like to know this also if you were able to disclose.

 

In Blacktown LGA.

Both are now under contract to owner occupiers.

I'm out of Sydney now.

 

Congrats. Next question... how will you handle Capital gains tax?

 

Can't I refuse to pay?

CG has been good and even after tax, putting the excess funds into offsets or eventually shares gives me a better income return.

The properties put a few dollars in my pocket each week, but I won't have to submit my tax unil 2019. I can get a better return on my money during this time than a number of years of rental income.

 

Read a blog by John Mcgrath. Take it with a grain of salt bc he's an agent but he tends to tell it how it is. Reckons Syd/Mel is past its peak, but that doesn't mean it'll stop growing.

John McGrath | Switzer