NSW Sydney Price Correction 2018 - post examples

I had no trouble finding some .....

1. 28 McKinley Place Cherrybrook NSW 2126 - House for Sale #128410074 - realestate.com.au

2. 9 Rebecca Place Cherrybrook NSW 2126 - House for Sale #128484674 - realestate.com.au

That's what I said. Spend @ 1.5 Million instead of 1.7 Million - save a little stamp duty, then allow 150-200K for reno... end up with a new fit out, larger block, better location than the subject house above , for the same amount of money.



And if the OP can do it sooner rather than later, I think they'll see some uplift in @ 12 months when Cherrybrook Station comes online.

 

Another clip of why Sydney is dropping...

 

I excluded non-standard homes in my statement

I have seen both houses. The first one is very unique property. The block is so steep from the front of the street for those 3-4 houses in a row (life endangering steep) that they built houses at the back of the blocks into the creek and houses share a driveway to get to the road. They had to spend over $100k to repair driveway when parts of it got washed down in heavy rains couple of years ago.

The other one is really a 3 bed - old garage converted into 4th bedroom and new garage extension is not approved. You have to drive up and down two steep hills to get to the front of house.

I completely agree.

 

Thanks for your thoughts and sharing yiur experience. I bought my 1st home duplex in 2012 in western syd. Didn't know much about various types of loan related things such as debt recycling or ysing broker to structure the best loan. But since then learnt alot and used the knowledge to increase the portfolio. Not interested to buy in brissi but next purchase will be in std this year or next (more saving in hand) and it will be our ppor. But still anything above 1mil -we will be thinking hard before pulling the plug.

 

Bit of a separate question to the page topic, but how do you find deceased estate / mortgagee sale? Is there some way to search / locate these besides domain or realestate.com searches ?

 

Try Forced Sale

 

100 Hampden Road, South Wentworthville, NSW 2145 - Property Details

Sold for 900k last year. Got DA for duplexes and sold for 850k now.

 

Person who bought it was a goose....no profit for that price....

 

Read the ad....they disclose such things....they wont go any cheaper though, unless market is really dead....lol

 

I wanted to stress this. Despite all the articles this year. I've been on the ground looking at good detached houses in blue chip suburbs, I don't see too much of a price difference from previous years if any.

 

I'd like to add two thoughts to what @standtall said about buying a PPOR.

1. There is evidence that mortgage stress is concentrated in the blue chip suburbs, as people try to keep up with the Joneses. If the economy sours, it's very possible there'll be a lot of forced sales, and prices will fall.
2. House prices are notoriously sticky downwards. Vendors always want to sell at the peak price, and can be slow to adjust to reality. It's possible that they've fallen in the blue chip suburbs, but this isn't reflected in what's being asked for.

 

Yep, still too early, as economy still doing ok... As stamp duty dries up, state government will cut back, and the flow on effects in employment. They've got a bit of a 4bn buffer from snowy buyback to keep things overhanging a bit longer than usual.

Telstra, NAB redundancies will flow hot in the next 12 months..and I'm guessing anything related to finance is floating on air right now. This will very much hit Sydney especially in the coming months.

Australia's big banks focus on job cuts as inquiry looms

More to come, this is early days in.

 

Oh dear that’ ones gunna hurt

 

Inter west is down 10-12% from peak. Suburbs like Balmain / Birchgrove all down fair bit

 

Here is one for the Liverpool region......it did sell...not a 10% drop but at least 7% assuming the vendor was looking around the 840--850k.

Tightly-held family home sells after vendors drop price - realestate.com.au

 

While not ideal, at lender was realistic and Actually got sale

 

Yeh don't disagree. But during the peak in my view on the ground there were some insane instances of overpaying frenzy over a short period that when it comes to today where interest has moderated for the last 12 months, it feels consistent to what the property is worth now.

 

I love how 800k for an unrenovated house 40kms from the CBD is considered a drop lol

 

It is when at one point they were shy of $1m.

 

Thanking you