NSW Sydney prices going too far?

Discussion in 'Where to Buy' started by standtall, 20th Mar, 2021.

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  1. mickyyyy

    mickyyyy Well-Known Member

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  2. Gockie

    Gockie Life is good ☺️ Premium Member

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    Sydney house asking prices currently over 1.5mill according to SQM Research now. So much demand relative to supply…. Sure, it will slow sometime…. But maybe we’ll do another Hobart run…
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  3. Gockie

    Gockie Life is good ☺️ Premium Member

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    From 2018. How’s Sydney houses doing QBE?
    E0984AD1-C2F3-47E7-AFE1-4ACD97265ABB.jpeg
     
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  4. Ariyahn2011

    Ariyahn2011 Well-Known Member

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    Of course it is going too far.

    Cross post I made to another thread

    The trouble is people are treating houses as speculative assets here in Australia to the power 10 which is leaving real Aussie families facing homelessness.

    For example, the vacancy rate in Darwin is 0.04%. In addition to that, rent prices have increased over 20% meanwhile our wages do not grow!

    Something has to give or people are going to end on the street. Mental health is being impacted and nobody wants to talk about it because too many people are benefiting from it. Politicians included (see photo).

    Source: Australian Politicians - Interests, Expenses and Salaries
     

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  5. qak

    qak Well-Known Member

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    We saw a nice house on RE.com.au. Went & had a look and the driveway access is awful - think giant slide (it's a waterfront, battleaxe behind two other houses, shared driveway). Must be fun in the rain, and getting the bins out.

    So it's not for us, but we got a price guide from the agent anyway - $9m!
     
  6. Trainee

    Trainee Well-Known Member

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    So what do you think will happen?
     
  7. Ariyahn2011

    Ariyahn2011 Well-Known Member

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    I don;t have an answer, I think the pendulum will shift when more and more people are left homeless and can't afford to rent (or cant access a rental due to supply) or buy (or can afford it but will be locked into life time mortgages) .
     
  8. Gockie

    Gockie Life is good ☺️ Premium Member

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    They can move somewhere else. Eg. Cheaper city or regional.
     
    Last edited: 9th Jul, 2021
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  9. Ariyahn2011

    Ariyahn2011 Well-Known Member

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    Heard that argument many times. Sure they move, then faced with record low vacancy rates up to 0.04%... Moving within itself isn't easy. You also need employment lined up etc.
     
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  10. Trainee

    Trainee Well-Known Member

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    problem is, people have said something has got to give many times in the past too.

    so people should stop buying and wait for it to fall? Or buy now because it will go even higher?
     
  11. Chabs

    Chabs Well-Known Member

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    There is precedent in hong kong and vancouver, for what happens next...
     
  12. Squirrell

    Squirrell Well-Known Member

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    You mean chinese takeover?
     
  13. Chabs

    Chabs Well-Known Member

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    No lol,

    Its about the supply to demand balance in a comparatively small area, where new developments are harder and harder to find fresh land for.
     
  14. Gockie

    Gockie Life is good ☺️ Premium Member

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    So, prices just keep rising, particularly for houses?
     
  15. Chabs

    Chabs Well-Known Member

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    Yes, presumably, and the governments seem to be encouraging an outcome similar to that.

    Sydney is a bit unique in that it is significantly larger than both, however the market has an insatiable appetite for detached box style homes
     
  16. rksing

    rksing Well-Known Member

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    Technically based on this statement aren't you implying, Darwin needs more investors to increase rental supply/more housing construction?
     
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  17. wombat777

    wombat777 Well-Known Member

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    I'm looking forward to seeing how the market has moved when we get to mid 2023. That will be 10 years from the time I signed the build contract for my PPOR.

    Looking at recent sales my PPOR is up 125% on land + build cost in 8 years.

    I think there is more in the tank for this market but it will pullback about 15% at some point.
     
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  18. Lacrim

    Lacrim Well-Known Member

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  19. qak

    qak Well-Known Member

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  20. Gockie

    Gockie Life is good ☺️ Premium Member

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