NSW Sydney prices fall 7.4 pc, biggest drop since 1990: CoreLogic

It would be a steal if it was on the east side of Burns Bay road. This address is more akin to Gladesville.

 

Melbourne is more expensive than all three of the cities that you mentioned
Australian property 'severely unaffordable', Sydney crowned 'second least affordable market' - ABC News (Australian Broadcasting Corporation)

 

I don't know the prestige areas that well. It is next to St Joseph's and compared to other suburbs in Sydney (e.g. Straithfield, Dulwich Hill), $2.2m comparatively seems like a good buy.

 

Perhaps compared to household income, but not dollar for dollar. And rents in the cities I mentioned are much higher than Melbourne. Just a quick search showed nice two bedrooms apartments in the Melbourne cbd for $600-800/week. San Francisco is $1300+/week. Houses are even worse.

 

The comments were on house prices not rents. In absolute house price terms, Melbourne house prices are higher than New York, in line with London and lower than San Francisco. London and New York are true global cities. Sydney and Melbourne are not.

 

I was at a SMATS event here in NY recently where he thinks there will be a major increasing in people moving to QLD from southern states, basically people have been holding off for a few years in moving due to increasing house prices in Sydney....now with the perception that growth is off for a while there will be pent up demand for people to move and therefor an increase in QLD population.

 

Yep....that's the one point I keep trying to express to people.

Don't get me wrong....Sydney should be up there BUT without a better subway system its not going to make it, the amount of businesses/mercantile demand in NY can never be replicated in Sydney.

 

Yep....Qld is third only to Melbourne about 90k..and then Sydney 75k....Qld has something like 50k ....that is equivalent to a 2% growth...Melbourne is about 2%...and Sydney is about 1.5%

 

Definitely concur with this. We're starting to see really strong quarter on quarter growth for Queensland. The latest interstate migration statistics out of ABS, show that Queensland actually surpassed Victoria in this particular population change component (the others being net overseas migration and natural increase, i.e. births and deaths). It has been dubbed the interstate migration capital of Australia: Population boom: QLD the nation’s new interstate migration capital

Anecdotally, this has been driven by stronger employment opportunity in Brisbane, as well as the relative affordability compared to the southern cities. From recollection, the income to price ratio in Brisbane is something like half that of Sydney. And this is purely due to house price and not income, with the Sydney median house price trending at circa $1M and Brisbane's median house price trending at circa $550K - and at the same time, median household incomes are not much different.

On the issue of the population growth, Sydney and Melbourne will continue to dominate adding in excess of 100K people over the 2017 financial year. These are BIG numbers. According to recent estimates, Melbourne was 4th fastest growing city in the developed world (Bernard Salt). Sydney with its iconic, world-renowned Sydney Harbour and the fact that its the largest regional economy, will continue to pull overseas migrants, however, like history shows, these will outflow to areas like South East Queensland.

 

Not purely. Incomes are lower in bne. But yes it's more a price thing than it is an income thing. Overseas investors aren't tied to aussie income that's one contributer. It will be interesting to see if they invest in other areas now that Sydney is crashing although there are more restrictions on them getting their money out of China now

 

Agreed. Our foreign investment policy has contributed to less activity from China, with states adding a 7-8% surcharge for foreign money.

 

average joes income is probably very similar in Brisbane compared to Sydney
plenty of scope for growth in the under 600k property in.brissy

 

Bne is still high on mortgage stress indicators though.

 

What was Sydney's peak index value and on what day did that occur?

 

I know someone whose property on Sydney's northern beaches was valued (not appraised, valued) at $1.52m a year ago when he moved out of it.

He's currently obtaining finance for a PPoR interstate and the same valuers went back to re-value for the loan and it came back at $1.3m.

- Andrew

 

He is lucky it’s only 200k... wait another 6 months and he will lose another 100k

 

Yea that's what I told him. There will be some good buying in Sydney soon enough.

- Andrew

 

Feel free to share some since you are not in a position to pursue

 

.....I know a teacher, who always buy and sell home, around redfern area.
Own home, buys, paint, decoration, nice furniture...he shows the potentila buyer lifestyle, music and champagne..when they come for an inspection.

No tax, trading own home, selling sometimes with in six months, dont know how he dodge the tax man, no loan play here. ..

Works for him...single men, easy for him to move...he moves to his partner house during the gap...