Sydney house price is predicted to skyrocket by $216,000 this year alone.?? Is it possible?

Discussion in 'Property Market Economics' started by Illusivedreams, 31st May, 2021.

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  1. Gockie

    Gockie Life is good ☺️ Premium Member

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    They are rarely mentioned areas, but I like the quiet/bushland and that this pocket is a hop and skip to Georges river. Very nice and I think yet to be discovered by a lot of Sydneysiders.
     
  2. Gen-Y

    Gen-Y Well-Known Member

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    Yes it is a nice area along the Georges river stroll and picnic area inside national park. I rather it is keep quiet and not overly popular. :cool:
     
  3. costanza

    costanza Well-Known Member

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    Yes definitely. The area has been glanced over in the past due to socioeconomic stigma, but is rapidly changing. Added bonus is 800+ sqm blocks can still be found to set up family homes if you are ready to compete with developers.
     
  4. mickyyyy

    mickyyyy Well-Known Member

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    12-18 months was suggested
     
  5. Gen-Y

    Gen-Y Well-Known Member

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    scientist likes this.
  6. scientist

    scientist Well-Known Member

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    I never understood the appeal of eastern suburbs - no infrastructure. I guess that appeals to some who are specifically looking for no infrastructure, but then why pay so much when you can get other 'no infrastructure but close to water suburbs' for a fraction of the cost of eastern subs? go northern beaches or sutherland shire.
     
  7. Gen-Y

    Gen-Y Well-Known Member

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    NIMBY drives price up for established home.
    That is what I have seen and heard.

    Who wants a noisy highway or train next to your home?
     
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  8. scientist

    scientist Well-Known Member

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    No one likes anything right next to their home but having a 10min walk to shops, dining district, station, ferry wharf, metro etc is fantastic.
     
  9. Clive Palmer's Yacht

    Clive Palmer's Yacht Well-Known Member

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    A large part of demand will be from locals born-and-bred, but then you have migrants who want to be near all the classic Sydney elements of harbour, beach etc. Lastly, you have self-made business people and professionals from other areas who aspire to own/live in the East (noting concentration of top private schools).

    Personally, I prefer Inner West for similar reasons to those you mention. The North has less appeal because it's basically a big dormitory without much street life. However, my bias is probably because it's where I started out living in Sydney.
     
  10. scientist

    scientist Well-Known Member

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    The east certainly offers some nice views, eg on Wolseley Rd, but those properties cost 20m+ (and half the street are Chinese politicians). If you want gunbarrel views of Sydney's icons, go Balmain East, Birchgrove etc. If you want private schools, upper north shore has the best ones. If you want everything in one suburb (views, schools AND infrastructure galore) then certain streets in Wollstonecraft and Waverton have it all, and theyre still not as pricey as places like Dover Heights / Double Bay etc which offer less.
     
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  11. Trainee

    Trainee Well-Known Member

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    Dont underestimate the power of vanity.
     
  12. Clive Palmer's Yacht

    Clive Palmer's Yacht Well-Known Member

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    Don't forget, there are a lot of long-established extended families calling E subs home. Many from tight-knit communities (eg N Bondi's jewish community), and they can't imagine living anywhere else.
     
  13. 2FAST4U

    2FAST4U Well-Known Member

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    AIHW Housing Data Dashboard

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    Sydney up 19.3% YOY. It's crazy that Perth is now the cheapest capital city in Australia. Back in 2007 it was the highest along with Sydney.
     
  14. Gockie

    Gockie Life is good ☺️ Premium Member

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    So it is pretty much currently up 216k this year alone. At least it feels like it. The market really only started getting hot at the Dec/Jan period
     
  15. samiam

    samiam Well-Known Member

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    Mining boom will never return unless diversified economy. I am holding my breath for even Qld. Syd and Mel will be always be top I guess.
     
  16. Illusivedreams

    Illusivedreams Well-Known Member

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    Interesting difference.
     
  17. Nicho

    Nicho Active Member

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    Found this little pocket at the beginning of the year for a PPOR. Currently renting in the inner west.

    Finally got a substantial wage increase locked in & completed the process of pre-approval.

    Waiting to get the amount confirmed, but hoping to buy a house with land for $1.1million but thinking we might have been priced out.

    fingers crossed
     
  18. Gockie

    Gockie Life is good ☺️ Premium Member

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    If you bought/buy there for 1.1mill, you'd be laughing.
     
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  19. 2FAST4U

    2FAST4U Well-Known Member

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    Definitely up 216k in desirable suburbs, which is most of Sydney.
     
  20. Sackie

    Sackie Well-Known Member

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    Yep. My entire close-knit family live in the Eastern Suburbs and tbh there is a lot of money floating around the East from both Jews and non Jews. Besides, the East has most of the kosher restaurants, temples etc in Sydney and it's a lot easier for the close-knit Jewish community to thrive in such an area. Most folks living in the East are either old money, very successful business people or very high income earners who choose to live in the East simply because they can afford to.

    There are definitely many amazing places in the East if you know where to go. Is it overpriced compared to other good Suburbs? Well it depends . Most people buying/ building in the East don't care about the money. They have more than plenty.
     
    Last edited: 8th Jul, 2021