Sydney posts biggest annual fall since GFC

Sydney posts biggest annual house price decline since GFC: Corelogic

"Almost all directions of Sydney suffered strong price declines, except for the eastern suburbs."

Eastern suburbs not declining as fast as other areas, premium for beach?

 

Rich peaople live in eastern suburbs. Highly sought after area. High demand. Great transport. Huge, great parks. Beaches. List goes on. East is unlikely to have any major price declines. Too many people want to get there.

 

Detached houses have fallen by 6.7% according to that article, which is puzzling as most people thought that house prices would fare better than apartments/units due to the land component & desirability factor. The concern for Sydney is that interest rates haven’t even risen yet. Interesting times…

 

And the lord beseeched unto Moses, "Cast thy rod and behold the decline shall flee away in terror from thy Bondi waters where my people surely dwell!"

 

Yes, the relatively well-off tend to have fewer incentives to sell. A lot of these suburbs also have a high proportion of owner-occupiers and they don't necessarily sell even in a serious correction. The suburbs most at risk are those jam-packed with new homes or apartments, especially those in undesirable areas.

 

One major reason is OTPs (the majority of apartments that have gone up in recent years, and also heavily targeted by investors, especially from offshore). These tend to have a long period between being purchasing and settlement, so you'd expect to see those fall faster only once settlements start to unravel. Houses and older apartments are owned and selling now, and people are making a median loss. A lot of OTP units are still in a sort of limbo, half-built with buyers who purchased years ago locked into contracts.

 

I saw that too, prices falling quicker in detached housing than unit

 

Nice thing is there is positive growth in four places . Brisbane , Hobart , Adelaide and Canberra and we hold in three .

Cliff

 

There is always somewhere doing well. Too many people prefer to see their glasses half (or all) empty. Why they do is always beyond me.

 

glass half full or empty who care who care

I try just and avoid losing money

 

Let me ask the question...do you care if you lose money?

Most successful investors don't get emotional...they follow the money trail..and this definitely ain't Sydney!

 

i have same rule as warren buffet, don't lose money.. i really dislike it much so...hence trying to be patient sydney

 

If patient means another 5 years plus...go for your life....but I am an ole man...that is too long.....

 

I'm a glass always full type person. Works for me.

 

oh yess i can tell! either that or you have lots of sidney property to sell... thats why you always say buy buy buy in sydney

 

Australia is a huge country. There are several markets outside of Sydney chugging along fine.

If you are cashed up and patient, properties will come up for grabs within Sydney when people need to sell to stay afloat.

 

No one is telling you to buy.
No one know where the market will slow to.

No one knows what APRA will do tomorrow.


Or if RBA will drop rates despite a lot of talk otherwise.

So many people try to time the market. Some get luck some do time it well.


Some just wait.

 

I don't think APRA is going anywhere in a hurry, especially as it is having the desired effect.

 

dont think will buy for maybe another 6 months, been good very to come on here and learn from others... sounds like aussies will feel pain in necxt year or two with how much costs to hold onto property at moment

do you ride that pink 4 wheeler in yoru profile.. me like that very much.

 

What particular areas in Sydney are you focussing on?