NSW Sydney Price Correction 2018 - post examples

Discussion in 'Property Analysis' started by sash, 25th Mar, 2018.

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  1. sash

    sash Well-Known Member

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    Hi All

    I thought it would be a good to share examples of houses that are considered good value...compared to what they would have sold 1-2 years ago.

    Please post examples.

    Here are some I am seeing....

    Cherrybrook - I get that this backs onto Boundary road but would have been easily over 1.2m before now at 980k...planned at auction. Wow!

    20 Maybush Place Cherrybrook NSW 2126 - House for Sale #127834866 - realestate.com.au

    Ponds - really nice house would have gone up to 1-1.1m only 1-2 years ago...now 925-975k.....

    39 Fairfax Street The Ponds NSW 2769 - House for Sale #127756158 - realestate.com.au

    Baulkham Hills - needs a reno...but under $1m..

    3 Cypress Court Baulkham Hills NSW 2153 - House for Sale #127839186 - realestate.com.au

    I reckon this is only the start...more serious discounting to come...as people start to get out in droves....
     
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  2. Someguy

    Someguy Well-Known Member

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    Last edited: 25th Mar, 2018
  3. mickyyyy

    mickyyyy Well-Known Member

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    I heard of a few places being passed in and top bid 20% less than reserve. It's back to a normal market and everything will bounce back as per normal market now after March. Louis thinks so too and I think some parts of Melbourne will surprise some ppl the next 2yrs

    Rise in Sydney's house prices in 2018 still likely: SQM Research
     
  4. Gavin Ng

    Gavin Ng Well-Known Member

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    Mid last year, a heritage terrace in Redfern sold for 1.1m, it was literally falling apart, my friend's foot went through the floorboards. It needed a solid 3-400k renno.

    Right now there is one in the same row, 5 doors down, fully rented ready to move in. For sale- 1.2m.

    Will post link when I find it.
     
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  5. Someguy

    Someguy Well-Known Member

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    Probably not the best example for a correction, these 'renovators dream' blank canvas' properties command a premium of well over their real value in many cases
     
  6. bookworm

    bookworm Well-Known Member

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  7. Eric Wu

    Eric Wu Well-Known Member Business Member

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    it seems that way. when ppl see prices are not going up fast, they might sit on their hands, wait and see what happens next. while vendors are in a different boat, fear of missing out on better price, they might start dropping their asking price.
     
  8. Eric Wu

    Eric Wu Well-Known Member Business Member

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  9. bookworm

    bookworm Well-Known Member

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    The Hills area has definitely run very hard in the past 4-5 years...
     
  10. L3ha7

    L3ha7 Well-Known Member

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  11. L3ha7

    L3ha7 Well-Known Member

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    I was discussing with Mrs that may be in mid Aptil onwards, we should go check out the auctions and open houses, she be working in North Shore and I work around Parra, so we are thinking to buy around Carlingford and around area due to better schools (some sekective), JR Agri, Cherrybrook Tech, Kings and I think there is one in Cumberland (Our Son be starting child care soon , he be 2 in May but as a long term plan we want to move close to work and invest/live in area with good schools).
     
  12. L3ha7

    L3ha7 Well-Known Member

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  13. Tattler

    Tattler Well-Known Member

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    @sash, you have picked one of the worst of all Cherrybrook houses as an example:

    - Backed to main road (Boundary Road);
    - Battleaxe (only frontage is a driveway to the back)
    - Very close to "The Tower of Power" aka giant power lines
    - Not zoned into Cherrybrook Technology High School
    - Plus it is a old house that need renovation.

    So I am not surprised that it drops this much. The power lines really kills it.

    In a heated market, people will have a FOMO mentality and would pay the price to buy properties near power lines. In a cooling and cold market, no one would want to touch it and the vendor would have to drop the price A LOT for anyone to have interest to buy it.

    Plus with all other negative points it really turned off most people.

    Decent Cherrybrook properties still command a good price.
     
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  14. Tattler

    Tattler Well-Known Member

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  15. L3ha7

    L3ha7 Well-Known Member

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  16. Tattler

    Tattler Well-Known Member

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  17. sash

    sash Well-Known Member

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    Ditto......in cooling market...that may sit....will be interesting how much more it will drops and who buys it.


     
  18. Ed Barton

    Ed Barton Well-Known Member

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    These sort of properties are often a no no from advice here. Power lines, main roads, rubbish dumps, nuclear reactors etc... As you say they can be a good buy in a soft market and a decent sell in hot market.
     
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  19. Noobieboy

    Noobieboy Well-Known Member

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  20. Duck1234

    Duck1234 Well-Known Member

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