Sydney Price Correction - post examples - part 2

Sold for 520k in Quakers Hill
21 Nyngan Street, Quakers Hill NSW 2763 - House For Sale | Domain

 

I agree with this I think realestate.com.au is pretty sellout to the real estate agents in that regard and it's disrespecting it's customers by allowing agents to withhold the price.

 

Busy road with that have something to do with it? Not suggesting that it wouldn't have sold for quite a bit more a few years ago though

 

Maybe we'll see this under 2m in a few years?

 

"create a veranda for socializing with neighbours " what does that mean and what is it saying? is the assumption that people will socialise with their neighbours a lot more in terrace houses? I've never ever seen a property description talking about creating opportunity to have more to do with your neighbours no don't get me wrong I think everyone should be friendly with their neighbours but I've never thought of seeing it as a plus side to sharing space with them. More often than not having block out with trees etc and no exposure to your neighbours is preferred

 

That's a good one!

 

It is not a privacy issue as the price will eventually get recorded in the government register after some months

It just a dirty tactic to withheld information from market as long as possible so buyers don’t have all the information in a bear market and hopefully they can suck a bit more out of buyers.

 

Hi,

Bit of a lurker on this forum but enjoy the postings. Not really a ‘property guy’ but have re don’t gone through the process on my PPOR so thought I’d share my story. (Sydney)

Recently sold my 2 bed apartment in the lower north shore for what I believe was mkt value. Standard apartment good location. Down approx 12% on the peak if I had to guess. Plenty of people through but not sure on the number of true buyers.

Now commencing buy side for a small home In the lower north. Appears to be buyers around but unsure on whether there is strength to drive prices. My view:

- mkt feels a little more steady than late last year where it really was weak.
- good properties in good locations in tight supply areas will always attract interest and will be better supported in down periods.
- unsure if this is just a post summer activity bounce or a bottoming process. I would think there is support there now however the real test will be in the winter
- Medium to longer term I would think if you can purchase good property at these levels you’ll do fine however I can’t see future returns being as strong the past - the numbers don’t seen to add up.

 

thanks @Kid hustlr for sharing this.
its always great to hear on ground observations.

 

ummm..."disrespecting its customers by allowing agents" ...what a crock! when I get a call from RP Data asking what the sold price is I tell them I'll start giving them the information for free what they start giving it to me for free!!! As far as I'm concerned I throw REA and Domain in the same basket. If they want to pay me for my data, no problems, but I'm not giving to them for free...but I am just a cranky old guy

 

there's one person who doesn't want to give the price iei the real estate agent. perhaps also add the seller's into that in some circumstances. However there are many people who do want to know the price so they should just make it a terms of use policy in my opinion. if a real estate agent wants to use realestate.com.au then they need to agree to supply the prices for properties as they sell seems pretty simple to me

 

Must be a good buy at this mkt. could turn into bad buy in few months as knife is still faIling. BTW, how did you find the sold price? It is wothheld..

 

Domain Auction Results for Sydney in the past weekend.
Sydney Real Estate Auction Results for 9th February 2019

 

I think REA Group are more interested in charging agents (their customers) and arm and a leg to use their platform than enforcing onerous and stupid conditions on them. Probably best if you think of the ones who pay to use the platform as the customers, I'm sure REA Group do. Pretty simple really

 

Absolute rubbish.

Its your house you should have an absolute right to hide how much you paid.

If i come up to you and say you HAVE to tell me how much you paid for your TV or you car......

I withheld as I didn't want my friends/some relatives to know. (I simply dint want jealousy or gossip)

Also when withheld it does not come up in the sold section in Re or Domain.

So yes people with subscriptions can check but sticky beaks cant.

 

To get to the REA "hidden" search price, just narrow the dollar values in the URL until they're the same... that'll be the price which the agent entered when they marked the property as sold. Use bisection to speed up the process.

Price displayed on a listing

 

Looks like the house is in a very bad state. Mostly buy for land value and build a new house.

 

Is it 16 Parrington St, Schofields, NSW 2762 bargain.
was in the market for few weeks and sold for $860,000

before on DEC 2017 - Sold $950,194.

whats your thought guys.

 

Simply because a house sells for less than it did previosly is not in any way an indication of a bargain.
There are dozens of reasons why a house sells for less after a boom than it did during the boom.
Particularly in the NW growth areas.
Investors are getting returns of about $550 per week if they are lucky enough to find a good tenant. This is less than 2% net and prices are dropping here more than anywhere else due to massive oversupply.
The shine on these new houses wears off mighty quick once you spend an hour commuting the 18 kilometres to Parramatta. And as they are mainly rented to the lower socioeconomic tenant, noise, dogs, kids, DV, hoons immediately wipes the smile off your great buy.

The only way to tell a bargain is to eyeball a house and compare it to recently sold houses that you have eyeballed.

 

Agree with you. But who is buying now this with 2% net return & knowing capital gain is not in horizon.
I feel we have lot of investors in Sydney/ Melbourne with less / no investment knowledge.