NSW Sydney Price Correction 2019 - post examples

Funnily enough, despite all the hullabaloo, actuals+20% will probably turn out to have been an adequate serviceability assumption for the years that followed. Rates in 2021 will probably be equal or lower than they were in 2016, not that anybody expected it back then.

 

https://www.smh.com.au/business/the...k-running-out-of-bullets-20190528-p51rty.html

 

Top of mornin'...

This is not news.....low wage growth is here to stay...too many people relying on their jobs. The people with hard assets - real estate, shares, etc will come out better.

I can see the mid end of the property market and baby boomer type of properties doing well.

 

This seems quite cheap. Price guide of 800k. Am I missing something?

202/6 Applebee Street, St Peters, NSW 2044

 

That's a very low price guide. It looks a bit 'baitish' unless there are things we don't know about, like strata issues, building defects etc.

Unit 102 (a 2 bedder) sold in that building for $808K in August last year.

 

The agent sent an email saying the price guide had changed and that's what it is now. I wonder if it was a typo or maybe intentional typo lol

 

February 2018: 7/97 Curlewis Street Bondi Beach SOLD $945K
May 2019: 11/97 Curlewis Street Bondi Beach SOLD $840K.

So down 10%, maybe a bit more off the peak.

The latest sale had a yield of 4.3%, which is now in line with a suburb like Penrith (unit)

 

54 Margaret Street, Petersham NSW 2049 - House For Sale | Domain

Passed in at auction for 1.31 million.
Last sold November 2015 for 1.325 million

5 Tula Place, Tregear NSW 2770 - House For Sale | Domain
Sold for 430k. Would have got 500k a couple of years ago.

 

Not a 'wow' discount here.

This equates to about 15% drop, and you gonna see this discount across most properties in Sydney... Last purchase was 280k in 2010 and if sold in 2016 would probably close to double.

Last cycle, Mt Druitt and satellite suburbs dropped an average 20%, so just another part of the cycle really.

 

Someone took a bit of a haircut on this, I wonder if this is accurate, why sell so soon?

Hartley Close in Turramurra North

 

Not really......apart from the Westconnex Tunnel running under the living room.

https://www.westconnex.com.au/map

 

Not sure if this was a bargain but looks a pretty good buy at 1.1million

93 Slade Road, Bardwell Park, NSW 2207

Anyone familiar with the area?

 

Persons bought well (and timed it to perfection). Nice leafy area too. It's a bit hilly and the land is very elevated along Slade. I don't think investors like this much as land productivity won't change even though its proximity to stn is very good, but will appeal to OO demand over time. Probably explains why its a bit cheaper.

Think this place the next station down, not as nice of a house (but flat land), sold for early 1.3's post rate cut. Investors/OO will want this one though - seems like a premium land block that'll do well over time (Bexley North's likely to get some change in Bayside LEP change 2020).
22 Demaine Avenue, Bexley North, NSW 2207

 

Slade Road seems like a kindof busy road too, could be another factor?

 

Possibly. The property is well above 'ground' level, slade road high houses seem to be a bit cheaper, so that could be it too. Makes it a bit uncomfortable and may rule out large segments of OO buyers (small little ones for example may not like the height). Overall though, 1.1mill to have a house that big and that close to transport/some shops...seems pretty good overall for the buyer.

I'm not sure of the $200k price difference between the two. As an investment minded buyer, I'd probably buy the Bexley North one (despite its price tag is very high). I think the land will be worth more over time as Bexley North changes and its in a real sweet spot.

 

That would've sold for $1.3 two years ago.

 

Bexley looks smaller land and property size, and a bit too close to the rail. Also only rents for $650, probably similliar for both, but very low yields..

 

I grew up and still live in Bexley.

Great area with parks, schools and easy access to transport (between Rockdale and Kogarah). 14km to CBD.

There is a number of older villas and federation houses around on quite and leafy streets. I believe these will be of value in the future as the troubles of high rise apartment show up more and more.

Also, if you love diversity in ethnic culture and food. You could get any authentic meals imaginable within 20min drive.

 

What is changing in Bexley North?

 

@D&J - don’t know yet. Bayside is updating LEP next year and have a few guiding principles, that lot may get caught up in it given it’s prime location. Pretty sure they ruled on a pretty large spot rezone nearby there too last meeting and noted that the area is being looked at as part of their holistic LEP review next year.

May be an investor speculating on it given that price too (seems a bit over in today’s market and isn’t that OO friendly).