Sydney Price Correction - post examples - part 2

Discussion in 'Property Market Economics' started by BoatArrival, 11th Nov, 2018.

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  1. TheSackedWiggle

    TheSackedWiggle Well-Known Member

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    Is it a fresh assessment though Or auto renewals with out fresh assessments?
     
  2. Speede

    Speede Well-Known Member

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    It doesn't matter how much sydney houses prices correct...........some will NEVER buy...all talk.
     
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  3. berten

    berten Well-Known Member

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    You also reckon no one will sell too, remember? so no one buying and no one selling?

    Well, you're right on one count, not much buyers. Listing stock up 23% even though prices are down %12
     
    Last edited: 8th Feb, 2019
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  4. Speede

    Speede Well-Known Member

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    re-read what i wrote ok?
     
  5. Redom

    Redom Finance Strategist Business Plus Member

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    Lenders require fresh assessments (in general). More funding options opening up just means borrowers in these circumstances have choice.
     
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  6. Redom

    Redom Finance Strategist Business Plus Member

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    Technically thats because there's no one selling their properties and the market isn't clearing. Expectations probably.

    I.e. homes aren't transacting. Sellers aren't selling.

    New listings have fallen significantly, which is normal during down cycles.
     
  7. TheSackedWiggle

    TheSackedWiggle Well-Known Member

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    Sydney house price has already fallen 13.5% as per corelogic it will be 15% either by end of this month or next. By now one would expect new listing to drop significantly if fall has to stop.

    New listing last month has fallen by 20% in Sydney and 15% in Melbourne,
    is that significant enough?, not sure

    If that is to happen, the settlement transactions should have fallen of a cliff and prices falls shouldn't be this big, isnt it?
    Compared to a year before the current transaction is down just by 20% in Sydney.
     
    Last edited: 8th Feb, 2019
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  8. berten

    berten Well-Known Member

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    Yep exactly. Less people are listing but we’ve still got +23% increase in stock to choose from in Sydney and 42% in Melbourne. In the areas i watch in Melbourne it’s almost always “price withheld” when they do sell, so those prices will take a while to come through but my guess is they are lower than desired. When I was watching early last year I rarely saw a price withheld.
     
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  9. PandS

    PandS Well-Known Member

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    I find it crazy in a free market economy price of good sold are withheld, they should legislate to disclose the sold price as soon as contract are exchanged to make it more transparent for market participant.

    What so free about this :) ? it free only when it goes up and we just omit it on the way down to suck in people paying for more than they should?

    imagine share price are bought and sold and no one know what it is trading at?
     
  10. John_BridgeToBricks

    John_BridgeToBricks Buyer's Agent Business Member

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    In a free market you are entitled to privacy as well. Plus you are entitled to voluntarism - ie a lack of coercion.
     
  11. AlexV_Sydney

    AlexV_Sydney Well-Known Member

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    Listings should be compared to the same month last year (to adjust to seasons) not to previous month. For same month last year listings are up
     
  12. TheSackedWiggle

    TheSackedWiggle Well-Known Member

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    new listings?
     
  13. Cimbom

    Cimbom Well-Known Member

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    Back in Canberra!
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  14. Lacrim

    Lacrim Well-Known Member

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  15. lynchy

    lynchy Well-Known Member

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    Passed in last week and now for sale for $749,000. Big losses for the owner
     
  16. Lacrim

    Lacrim Well-Known Member

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    A lot of the units in the area but history will show that $740K was good buying.
     
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  17. Gockie

    Gockie Problem solver Premium Member

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    66% clearance rate today for NSW....
    Now NSW <> Sydney, but 66% sounds high.

    Screenshot_20190209-211833_Realestate.jpg
     
  18. berten

    berten Well-Known Member

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    domain.com.au/auction-results/sydney/

    57% clearance so far, but with an outrageous 30% of results unreported (all successful no doubt :p ) and further 30 auctions withdrawn.

    So this week:
    136 sold at a median of 1.090 mil

    Same week last year:
    250 sold at median of 1.380 mil
     
    Last edited: 9th Feb, 2019
  19. Lacrim

    Lacrim Well-Known Member

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  20. Cimbom

    Cimbom Well-Known Member

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    Last edited: 10th Feb, 2019