NSW Sydney Price Correction 2018 - post examples

Bank valued western Sydney house at 912k in Dec 2017 as part of refinancing process.
Had an appraisal this week from local RE and they quoted between 780 - 800k.

Either the market has come off a fair bit in less than 12 months, the bank was far from conservative, or the RE is low... Who knows? How can you tell?

 

You put it for sale.....that is the true test.

Re bank vals.....did you hear of the royal commission ?

 

Fair point!

 

Hmmm - so do you hang on and ride it out or sell. Or is it to late to sell?

When it's your first time to experience this side of the market it can be unsettling. A lot of facts and figures flying around.

 

Having said that those attractive Beachside suburbs will not fall as much as some of the other areas once this all washes out in a few years those types of suburbs like Bondi in Sydney just have a lot of diverse demand. Even if they initially get hit hardest because they have more to fall, over the long run of the slump they won't do as badly as outer Western Suburbs

 

Good question. Depends on your circumstances and the property. Otp better to get out asap in most cases

 

If that is a place like Schofileds. Quakers Hill, Ponds, Marsden Park...I am not surprised. ......if it was worth 912k oin 2017...I would see it in the 700k-750k range in 2019....

 

Yes it is unsettling....even some of the so called experienced investors have not picked this up...

Depends what you want to do...and whether you want to hang onto it. If you can hold comfortably then hang on...but if don't you need to make some difficult decisions.

 

Agreed....but while credit is tight they will get hit as hard...over the longer term they will do well...so an opportunity window will exist soon....

 

lived and work in london and southampton
England is awesome country, food is terrible & weather sucks, but travel distance to rest of Europe is no more than 3 hours away, the culture is so diverse, every 30 minutes speaks a different language, eat different food, do different things.
and its the one that speaks english so its easier for people like me to assimilate,

lived and worked in san Francisco, often visiting new york while working in new jersey, my company have offices in san fran and jersey, we based on jersey more than san fran because it was cheaper xD.


Us is a safety nightmare? some places are not safe, you get shot for driving around the block, but most suburbs are fine, very safe actually. people are still living there, us have 50 states, its not all bronx, detroit, st louis, etc.
also you can also have a gun, if some one shoots you, shoot them back if thats your thing ??

also you never been there, only seen and heard from TV or people.
its like never trying pasta but telling people you dont like it or like it?
how can you tell if you never tried it.?


how does that even make sense.

just making it out that australia is not the only country in the world where people can come invest, Its a great nation and place no doubt, but if the government make it too difficult, people can always go else where.
my comments are way more reasonable than comments like.
"breathable air".

 

NEWSFLASH: The Ponds is currently up 5.7% from last year when average Sydney prices are 8% down in the same period.
Source: Corelogic Nov 2018

 

Is it time to panic on falling house prices?

 

Stockland is having a sale Location: Denham Court NSW 2565

 

Wow 4 bedder on 300sqm lot, that would be a pretty cramped house!

 

Nicht yard, main Frau. But that’s normal in Sydney. No?

 

And a black roof? Why, why, why!?

 

For that extra enjoyment of summer sun, of cause.

 

Not much yard probably

 

Even getting finance is hard , royal commission stuff, no clear picture of future interest Rates by banks but still in areas like north rocks and around people are buying and paying good $$$$$.

 

RE will quote high during a boom, knowing they can get more, keeping the vendor happy. RE don't care, just another sale that week.

During a downturn, will quote low, knowing if the vendor goes with this expectation, they will be happy with anything higher. RE gets *a* sale that week, is very happy.

Banks follow the current trend and either over shoot during a boom to keep the masses piling in, or under during a downturn to protect their own butt.

Yep, cause those with money still have it at the high end of town, while jobs are steady... for now. Ships turn around slowly, especially when they've been plowing at high velocity for so long.