NSW Sydney Price Correction 2018 - post examples

2 Holford Crescent, Gordon NSW 2072 - House For Sale | Domain

This one started at 1.95 and finally after dropping to 1.5 it got sold. Looks like early 2016 price to me if not 2015 ...

 

Investment grade stock in Balmain NSW seems to be doing well.

This one sold for $1.865m in November 2017
22 Harris Street, Balmain, NSW 2041 - Property Details

This dilapidated, unlivable one sold for $2.045m in March 2018
44 Harris Street, Balmain, NSW 2041 - Property Details

This one sold for $2.3m in April 2018
https://www.realestate.com.au/property/24-harris-st-balmain-nsw-2041

 

As someone who obsesses over apartment sizes and walks around with a freaking tape measure half the time, a quick glance at those photos is enough to tell me the 95sqm size noted in the description is complete rubbish. And that balcony is NOT 20sqm. They've obviously been very generous with their calculations - I'm sure both internal and external walls were included, as well as parking.

I know they do this in china, to the extent where they include common areas too (a share of outside hallways leading out to the elevator). I see the buyer mainland Chinese, I wonder if they've simply applied the same approach here.

(also LOL at the attempt to redact the name. Inversing the colours removes enough to see who the seller is!)

 

Yep...lucky if it is even 65sqm including balcony!

Tell 'em they are dreaming...basic greed got the better of them.

Just like a gentlemen on this forum who thought developing in Parramatta post a major boom is good idea. Have a look at Dyldham...they are selling of a lot of their development sites....that is telling.

 

because its land locked that's a joke

 

That place in Darlo is not worth $3 mill at the best of times.

 

Yep every market in every country has cycles.

Get caught at the wrong time...you will be waitin' for a loooonnnnng time between drinks.....

 

And the owner's going to spend the next year or two chasing the market down.

 

Not true......Balmain is on a downward trend.

I was surprised how quickly Newtown has dropped...also....

 

FYI...this does not bode well for Sydney and the Inner Melbourne suburbs.....

'I’ve had my pick of properties': Market easing for Melbourne renters

 

the reduction of immigration might make it worst in the next two years if new supplies keeps coming.

 

Some good anecdotal and numbers viewpoint
Weekend auctions point to a buyer's market in Sydney

 

Some really good bargains this week. This on in Kingsgrove for $910k

9 Margaret Street, Kingsgrove NSW 2208 - House For Sale | Domain

This 4 bedder in Carlingford for $1,120,000
Sold 4 Lasburn Cres, Carlingford NSW 2118 on 11 Aug 2018 - 2014500841 | Domain

Many more!

 

The one in Carlo is not even close to high voltage power lines, is it?

 

Cool, does it mean cheaper electricity?

 

I'm curious on this one...if there is the same a amount of people, in fact more so each week, why has all this rental demand evaporated?

If they aren't seeking rentals, and not buying, where did they go?

 

In Sydney i suspect people are moving away. So a case of migramts comingvin but a lot of existing residents selling up and moving away.

Melbourne less similar but rent demand is growing outer suburbs where the migrant community likes to live.

 

More investors=more rentals=lower demand ?
I suspect some of it is more people sharing space. It's been historically low, and can change quite quickly. If people are struggling financially they soon discover how little space they need and learn to flexible. More families sharing space?

 

I certainly wouldn't consider the Lasburn Cres one a bargain- have you been down that street and know the topography at all? Family friends of ours lived in that house many moons ago and I can tell you it's such a steep valley position many buyers would simply walk away once they drove up to the first inspection. Also the power easements aren't far away which is another put-off for purchasers. It was appropriately priced in the first place with a guide of $1.1-1.2m so I fail to see how this is an example of a correction here?

 

Agree with you, I only looked at the price and hadn't examined the property further. I'm not familiar with the area either. What are your thoughts on the Kingsgrove property?