NSW Sydney prices going too far?

It is a tiny accommodation unit in an old hotel but (BIG) part of the problem here is the Sydney city council that at some point allowed it to be a separate dwelling. There are apparently 9 other similar units in the old building.

Edit: add $900 per quarter strata fee to the equation as well

 

It should only be acceptable as some sort of Hotel accommodation or a refuge as part of organised accommodation.



Is it going to get easier?

I dont think so. The currency devaluation is in full swing by the central banks.

Looking at Sydney i feel the prices have actually accelerated this week. Perth going backwards this week?


Although some people calling it Bubble dont understand . Its happening in many secots of the economy. Our imports in our industry ahve had 3 prices increases in 9 months. This is very unsual. Some lines are 15%. We are passing costs on. The cost increase is supply pulled inflation on top of demand pull inflation.


Too much money printed in the system. The property is a hedge.

 

I agree. I think May growth for Sydney at least might be higher than April growth.

This won't happen in a straight line, but we will continue to move higher.

 

How you finding sourcing props in Syd, must be tough. Start with $1M and in 2 months client need $1.5m for a unit....omg

 

I'm continuing to take advantage of current markets. A listing going live soon. Happy days.


Que, Sera Sera.

 

I think a wise choice, make hay while the sun shines

I hate to see your cg tax, but business is business

 

Sourcing is the same really, though fewer sellers want to sell off market.

What is making my job easier is that buyers are not procrastinating and not talking themselves out of going that little bit further in price to secure a property. Often I need to be persuasive in that sense, but in this market it is fairly clear that the bids need to be aggressive.

 

It's bad, but not as ugly as you'd imagine.

Wife is an absolute expert. There's things you can do.

 

It's next year's land tax bill we need to worry about ....

 

Well, some of my sales will reduce my land exposure as the proceeds are going into business ventures, both here and abroad.

But tbh land tax doesn't worry me much. Just another business expense. Just make sure the assets you buy are good deals. Add value, high demand areas.

 

........ but what if the mice hit Sydney

 

Cafes are dumping their avos and stocking up on cheese. The new dish on the menu is cheese on rye. Should keep em busy as OFIs and auctions keep pumping.

 

If Millennials cannot buy smashed avocado, they'll be able to afford property, which will drive up the market even further...

 

Surely these profits are revenue rather than CGT. But yes, business is business.

 

If Sydney preforms the same next week as per this week

It will over take all other capitals on the YoY. Its already well ahead on QoQ.

Its been coming home hard the last 2 weeks.

 

In the end, Sydney rarely disappoints.

 

Three bedda in Letho sells for over one million!

https://www.realestate.com.au/sold/...hbridge+park-136067038?pid=pdp:sold:source4ep

 

wow, whats the caveat with this ? surely they havnt paid that much to keep it single dwelling ?

 

Must be land banking for something bigger.
If not the result of the century.

 

Development site I'd say. Over 1000 sqm of land.

"Building is in extremely dilapidated condition & cannot be entered" Perfect for a boarding house out there. lol.