NSW Sydney Price Correction 2018 - post examples

Got a txt from an agent about a house I inspected in bayside,Vic. Goes to auction this weekend.

Guide was 1.55m, they’re dropping it to 1.25m. Ouch

 

no its not normal, only new builts, sydney property sizes within the 50km radius is actually quite diverse.

50kms outside sydney its NOT sydney,
its about the same distance to penrith, why not call it penrith xD.

 

Absolutely. They emailed me with SALE headline and are offering full stamp duty rebate. This is so different to when people needed to pre-register to even have the chance to sign a contract. Times have changed.

 

Link?

 

82 Pellatt Street, Beaumaris VIC 3193 - House For Sale | Domain

 

I’m thinking 1.5 was overs for sure.

 

It was 1.55. But in anycase, you don't really see much on a decent sized block of land go in beaumaris under 1.4, even a knockdown. At least prior to the downturn.

In fact there was a block of land, similar size listed for 1.5 not long ago. Not even close to the beach.

This would've sold at 1.5 last year for sure.

 

Yah. That’s basically a knockdown too

 

Yeah but for 1.23

 

Who is the housing slump hitting hardest?

Seems like this thread is obsolete, when it makes to the mass media it just means price correction is fairly wide spread and it's beyond simple to come up with examples.

 

How are Property prices in Southern Botswana holding up?
Or is The Sydney Thread the wrong place to ask?

 

Hardly seems necessary to start a dual thread. But if it hurts your feelings seeing Melbourne price falls posted here, I can.

 

there's one in beauie north advertised at 1.1-1.2
havnt seen that since 2013/14? I forget when the prices started rising

my mate is reckons period homes in Hampton that were selling for 2.3 are now asking 1.9

there are still plenty in denial out there though, most people I talk to just tell me how it will flatten out
completely ignoring the reality of what is happening

 

I agree it's going to get worse. The Fed will keep raising rates next year, more pressure on global funding costs even if the RBA stays on hold. Meanwhile, political pressure over immigration is escalating with political leaders of various stripes basically conceding infrastructure is not coping. Hmm.

 

Corelogic's update today has the top quartile in Melbourne (900k+) down by 9% on average. Oof.

 

Sold 1.2
Sydney Real Estate Auction Results

A friend missed out on PPR. Their offer wasnt enough - market is pretty tough too
12 Melrose Street, Epping, NSW 2121 - Property Details

 

Anyone that puts that much money into essentially an expensive building has to be swimming in money or minus some grey matter....

 

28 Bancroft Street, Oakhurst NSW 2761 - House For Sale | Domain

A house in Sydney sold for $440k. Yeh it's out west and needs a Reno, but man that's cheap. A year ago you couldn't get a house under 600. If I was a FHB I would be snapping up stuff like this.

 

Surely only if you believe we are close to the bottom, otherwise better for a FHB to sit it out for a year or two and save a motza?

 

It happened to me too but the property I liked was under million and now it is in a cooling off period with other offerer.

I do not know how much other party Offered yet and I think RE knew I might not be able to beat it so they never came back to seek if I want to revise

Anyway, I guess good luck to them and search starts again.