NSW Sydney Price Correction 2018 - post examples

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

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  1. Noobieboy

    Noobieboy Well-Known Member

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  2. TheSackedWiggle

    TheSackedWiggle Well-Known Member

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    the ad say
    "Oversea Vendor's Original cost at $920000 settled in year 2016.
    From the second photo you can see the original purchased price
    at $878000 in March 2015, after pay stamp duty, solicitor fee and
    adjustment fee then reach $920K as the total cost.

    Now want a quick sale with huge loss just due to the
    reason of financial hardship only."

    :(
     
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  3. Noobieboy

    Noobieboy Well-Known Member

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    Whoops. Didn’t read the ad. Bugger. But $878+cost is insane price. I inspected a few showrooms in green square/Zetland /Rosebery. The units are tiny.

    It’s also a 1 bedder not a 2 bed...
     
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  4. Sami

    Sami Member

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    I haven't posted in ages, but he's a property I found that may've been sold at a loss after taking into account stamp duty and other expenses in Stanhope Gardens:

    8 Epsam Avenue Stanhope Gardens NSW 2768

    $790k in March 2015
    $840k in June 2018
     
  5. hammer

    hammer Well-Known Member

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    Speaking as someone not in Sydney.......people paid 900k for THAT???!!
     
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  6. marty998

    marty998 Well-Known Member

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    Add in another $13k in strata fees over the 3 years and it looks even worse.

    Madness
     
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  7. TheSackedWiggle

    TheSackedWiggle Well-Known Member

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    and top it up with the differentials in rental yield and repayments over holding period.
     
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  8. Illusivedreams

    Illusivedreams Well-Known Member

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  9. sash

    sash Well-Known Member

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    Unfortunately all too common in Sydney.....lots of delusional people who thought it would never come off....we are only at the start......
     
  10. Whitecat

    Whitecat Well-Known Member

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  11. Whitecat

    Whitecat Well-Known Member

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    it would have looked great in the online brochure.
     
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  12. sash

    sash Well-Known Member

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    That should not be worth mroe than 550k.....
     
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  13. Whitecat

    Whitecat Well-Known Member

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    OTP in a highrise though Sash. Those things are always financial disasters. Lets see the big drops on established inner ring houses then we can say it is a decent slump.
     
  14. sash

    sash Well-Known Member

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    Its already happening in parts of Sydney for houses....$3m houses are now $2.6m.
     
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  15. Whitecat

    Whitecat Well-Known Member

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    I played around with some data that I found see attachment. I got it from here :
    What we can learn from Australia's median house prices from 1970-2016
    some of you will be familiar with this particular data set and I think someone has done a full graph of it. I picked a few figures periodically just to get a bit of a sense of historically what was happening. however I did not cherry-pick these figures I really just couldn't be bothered trying to type them all in. . What is interesting is that Brisbane sits at about 60% of the Sydney price over the long run (or at least since 1970). It currently sits at about 48% so this is very consistent with what @sash has been saying about Brisbane and Sydney typical cycles that we should see the gap close. By the looks of things from what I'm reading that will come through Sydney dropping rather than Brisbane rising very much at least in the next few years as qld economy isn't going to be booming anytime soon. although getting better jobs are still tough It's interesting what a wave the graph creates when I plotted the Brisbane price as a percentage of Sydney Quite a nice wave.
    Anyway someone may want to block the whole data set or linked to where it was that that was done. I added in the latest prices as of this week because the data set only goes up to 2016 it's interesting the article tells people to buy buy. That would have been a bad time
     

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  16. ollidrac nosaj

    ollidrac nosaj Well-Known Member

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  17. Illusivedreams

    Illusivedreams Well-Known Member

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    I just to my friend who is an agent in the area

    He said its a 1 bedroom plus 1 Study.

    He said its a joke that some one paid $880,000 for it in 2016
    He said that 2 bedrooms apartments were going for $880,000 so the buyer made an awful mistake.

    He said he does not believe it will sell for $760,000. He said closer to $700ish.

    He said it would be a different ball game if it was actually a 2 bedroom apartment.
     
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  18. Cimbom

    Cimbom Well-Known Member

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    I feel sorry for the new graduate I worked with in my previous job in Sydney who purchased a studio in Redfern for about 650k (or thereabouts - forget the exact price). He couldn't afford the repayments on his own so rented it out while living at home and was planning to move there in his mid 30s.
     
  19. Whitecat

    Whitecat Well-Known Member

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    Did he buy OTP? When did he buy?
     
  20. Cimbom

    Cimbom Well-Known Member

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    It was a new build but not sure if it was OTP. Was purchased early last year
     
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