Sydney prestigious suburs seem to be holding up. North Bondi ,,Clontarf

Sydney's oceanfront neighbourhoods lure the well-heeled shoppers

To me this further shows
The really rich that don't always need to borrow don't mind spending.

Although the market s that are credit dependent.are hit. N Bondi record has been adjusted 2 times this year.

North Bondi’s high has been reset twice this year, most recently at $14 million by this clifftop house. Photo: Domain

 

How about $100,000,000 house?

Exclusive: Atlassian chief buys Lady Mary Fairfax's Fairwater estate for close to $100m

 

North Bondi and surrounds is somewhat of a mixed bag from what I am seeing. Units are holding value, albeit probably came off the absolute peak time prices.

There is however other types of stock in the areas I am seeing some good value. I expect even better value over the next 12-18 months.

I am seeing opportunities. Not widespread crashes.

 

I've not looked into the numbers to substantiate it but from keeping an eye on the market around Vaucluse / Rose Bay / Dover Heights I really don't feel like it is a buyers market. Prices seem to be holding strong particularly in the >$4m bracket. Certainly not the same environment as some other parts of Sydney.

 

At the end of the day, many of the desirable suburbs have low supply and those local councils have really not done their part in the last decade in adding dwellings. I've been noticing these auctions still attract 50 people even though the energy isn't quite there.

 

Actually a lot of Bondi, Clovelly, Randwick, Rose Bay are selling at huge discounts.....more to come..in coming 1-2 years. You are going to see off market sales and mortgagee sales here....a lot of people have over committed and once their ability to keep with payments expires they will have to sell.....

 

Trophy homes are the only part of the market not connected to fundamentals.

It’s like collecting art. To me anything over 3 mil is heading that way and 5+ is trophy home.

 

How are the mountain suburbs of Mt Druitt and Rooty Hill holding up then?

You may think I jest but remember this?
Mt Druitt is latest millionaire’s row

 

"The eventual sale price was a far cry from the typical sums homes were being exchanged for just three years ago when the median price of a Mount Druitt house was just $475,000.
The median house price is just shy of $700,000 today.".

WOW! 700k still buys you a lot in Brisbane, Perth and Adelaide...

 

The specific stock I am looking at in Eastern Suburbs, I am seeing some discounts, but not massive discounts. At least not yet. I am waiting for another 5-10% retraction then I am jumping in.

 

Yep...when that market is repriced to reality it should be interesting. If people have not got out of these markets they need to be prepared to lost 20-30% from the peak.

At 700k ....you are buying much better quality property closer in ..in much better suburbs even if they are units. The day of reckoning is coming...

Rents for the Druie commission areas are under 320-350pw now...so people who bought in at 320-350k are now neutral or slightly negative.

 

More like 10% already...another 10% down is on its way by 2020.

 

I would be happy with that. From absolute peak to bottomish, 20% discount is good for me for the stock i'm looing at.

 

I would like to bring back this thread and hope the experts in these areas could discuss their views on current price/up/down and their knowledge in the areas. This is to buy with the view for a family with young kids to settle and be brought up in the area. Have been monitoring these areas (lower end price) since March hoping for a price drop (but have not seen it) ... Dover Height & Rose Bay are out of our reach otherwise. Some hope of affordability in Clovelly / Bronte /Cooge and some parts of Bondi but not sure if there are any parts that are / are not family friendly (ie not full of renters). Clontarf , Balgowlah H looks really nice but not sure about transport to CBD and it is so far from the airport ( have family & friends visiting from interstate & overseas).
Any local knowledge around these areas would be appreciated. Looking for up to 4M and would like a stand-alone house not a semi. Cosmetic renovation is ok.
Would appreciate any discussion. Many thanks. PS I am from Brisbane currently.

 

That is probably right - it's a totally different market. It's always key to keep in mind there are 'markets within markets' - both at the higher and lower ends.

 

The east is very strong at the moment around that price point around BH/RB/Vaucluse. Lots of stock changing hands off market, lots of buyers on good quality stock. We looked at this which was an attached abode on a busy road (granted that is no barrier) and it was complete knockdown guiding $4m that later sold for $4.9m at auction!
https://www.realestate.com.au/sold/property-house-nsw-bellevue+hill-133592694

On the ocean side of Vaucluse and into Dover Heights there is better value, and more so down into Bondi and beyond through down to Maroubra and the likes.

Taking a step back if you don't need to live in the east (or want to) then you'll find better value pretty much anywhere! What are you looking for from an area? Schools? Proximity to city?

 

Thank you for your reply Richard. The main reasons for looking in those Eastern burbs are a level of attachment to the Bondi Surf Live Saving club, good relationship with a few local residents and also of course it is a really nice area close to the city( where work is) with a lot of beautiful private beaches. Proximity to some good schools as well.
Family oriented/suburban burbs is an important factor and hence Bondi may not be suitable with more seasonal residents (from my understanding).

 

As large as 4 Million is ,
In the area mentioned its not all that much.

Maybe Randwick.

What is your questions specifically?

 

I can appreciate if you're attached to the area. We are in Rose Bay and have been here for a good few years and will be for the foreseeable future. You can definitely pick up something within your budget it just depends on the specific criteria around what you're looking for; just a trade off between price / size / density really

 

@Morgs thank you, any suggestion or advice is much appreciated. I missed this one not long ago because at the time my offer was based on the (wrong) expectation of a price reduction due to Covid19.
It went for 3.365 which I think still not bad given the nice street and good land size.
Property Report for 84 Liverpool Street, Dover Heights NSW 2030

@Illusivedreams ,
My specific question is "any parts of these areas I should or should not look at" My open question is " given what I have described what I am after is there anything the experts in these area think can advise. I don't know what I don't know. And never know ... the odd chance someone here may want to sell.....
The friends living there at the moments have not been there long hence I don't think they can be called "expert" of the area.
I know 4M is not much for that area hence only look at the lower end.