Sydney house prices crash

Stephen Koukoulas ‏@TheKouk 31s31 seconds ago
House prices up 0.8% so far in January - up 0.5% in Sydney. Prices cooling but remarkably orderly

 

Saw this article today and was thinking its not a crash just a pull back from a crazy high. I guess headlines sell

 

Me too.

 

Bahahaha - unsurprisingly, Bris is actually starting to do quite well in comparison...

Have been looking through LGAs and different areas. Fact is - hard to really tell what's happening/happened until well after the fact.

 

Here's the Brissy story for anyone who is interested: Brisbane house prices grow while units slump: report

 

100% agree.
There are much better places for funds over the next few years.

 

Just got to watch the signs I think......
I can see some markets changing in Syd same as I saw this happening in Perth I am sure many did as well.

houses don't sell as fast, home opens shrink, auctions decline, and re agents start phoning you because they are short of buyers.

Check out what Richie post on Mt Druitt, markets are dropping.

I am stating its a crash but the market is clearly changing started happening at least 3 months ago. I believe APRA has something to do

MTR

 

Do we really need any more of that on here?
I'm close to saturation point.

 

There can never be enough spruik brisbogan posts.

 

I watch the Druitt regularly given we live (and own) there. Have definitely seen a slow down in people buying/things taking longer to sell/etc. Haven't seen huge price slippage yet... then again, provided it doesn't go back to $200,000-levels (where we bought at) I'm not too fussed!

 

According to our data - blacktown LGA down 0.2 per cent over the Dec quarter (houses).
Units down 3.3 per cent.

 

How low will Sydney property prices go? Not very
(Wasn't paywalled for me)

NAB, which will next week put out its house-price growth forecasts for the year, expects "something like" a 0.5 per cent rise in Sydney houses this calendar year and an equivalent fall in Sydney unit prices, Oster says

 

I don't understand how unit prices in Melbourne are on the up. There's so much supply. Is the population really growing that quickly?

 

Jennifer

re Brisbane , I've been watching our own little area of interest for over six months , and it's gradually been picking up in terms of prices , and number of interested parties with a decrease in stock on market in the last half of last year .

This year , agents reporting significant increase in interest and the last property we're looking at has close to 10 offers so far . Hopefully we pick it up and it's our last for this cycle in Brisbane.

On the ground it reminds me of late 2013 in Sydney when things just took off in terms of active buyers.

My experience is that it takes a few months for stats to pick up with what's happening on the ground.

Each time we've bought , once we've decided where to look ( based on low ten year growth rates , ie at the moment , Brisbane , Adelaide and Tassie and Sydney three years ago ... ) , the best source of info is a few hours chatting to the local agents about what's going on in terms of increasing interest , time on market . Some will always give you the spin they think you want to hear , but if you talk to enough , you can get a consensus picture .

Interesting local agents are usually the last to pick when their area is about to boom .

The main agent we've been buying through in Brisbane expressed her surprise to us this week about how much interest has picked up in Jan . I wasn't . Sydney's died . lots of people made money and now want to make more . They've had a chance to think about their plans for this year over Christmas and now their hitting the ground running ( in Brisbane )

Cliff

 

This.

I particularly don't understand the fascination with apartments when there are homes this cheap 35 mins from Melb CBD: 74 Rees Road, Melton South VIC 3338 - House For Sale - 2011686251

 

Who knows how far it will drop, I doubt very much it would go back to $200K level? ouch

I actually read paper this week Karratha, mining town in WA has dropped 45% I find that hard to believe... now that is something to worry about.

 

Has anyone heard from Steve Keen of late?

 

A large amount of the stock selling is new, so it's selling for new apartment prices, which artificially inflates the "price growth" data.

 

Wow @ Hobart, thats extraordinary QoQ growth. Anecdotally, i went from never doing a Hobart deal to 3 or 4 in the quarter, so some clever people are onto something down there. High yields, low price points...PC may be hyping the wrong city!

@Steven Ryan - wouldn't that only be the case if there is an unusual amount of new stock hitting the market? I mean there's new stock selling quarter on quarter, so what makes this quarter different? Looking around Melbourne for the past few years, i wouldn't be surprised if its a shorter term anomaly with a higher proportion of those constructions coming online pre-Christmas in 2015.

 

He's still appearing in news articles here and there. His attention seems to have moved to China.

Steve Keen: China’s Stock Market Is an ‘Unbelievable Bubble’

Steve Keen: China's Stock Market Is an 'Unbelievable Bubble'