Sydney prices now in the negative year on year

CoreLogic Home Value Index - Daily Indices | CoreLogic

the government talking about removing regulations to prevent a downturn, the market reliant on FHBs, consistent softening in Sydney now in net negatives all in the 2nd most unaffordable city in the world behind Hong Kong...

Should we be worried?

 

About damn time.
The boom went far too long

 

If it's dropping now with record low interest rates, what's going to happen when they rise?

 

really? -0.06? YoY - thats laughable when they went up 40%, 50% or even in some suburbs as reported by Channel 7 and 9 news tonight like Auburn that went up over 90%.

No-one is going to feel the $500 difference. Use the $500 on a nice dinner out.

On a 1 million dollar house its literally $600 bucks. LOL

This is actually a demonstration of how robust the Sydney market is. APRA has implemented its rules and regulations for a long time now - ever since I started investing in Brisbane. If this is all thats dropped I would say Sydney housing is doing extremely well taking into consideration how hard it is for investors at the moment.

 

i think it would be laughable if the median house price was around 600k but when people are paying 700k for a 2 bedroom apartment in Ashfield, isn't it something to be worried about?

 

Paranoid.

 

So did you buy in sydney when the median was 600?

 

If you cant afford it buy what you can.

MOUNT DRUITT

$380,000 FOR 2 Bedroom apartment and. Live within your means
21/26a Hythe Street, Mount Druitt

 

Repayments after 20% deposit

$680 per week.

If you cant afford it rent for $500 per week

 

We bought in North Epping, 3/2/1 house on nearly 800 sqm land in 2008. Under 700k. Now that is Mt Druitt housing prices.
I did some Excel modelling to see how soon it would be $1mill with some assumptions and it really didn't take long. But back then, $1mill sound like an outrageous amount of money....

 

I was just saying that 700k for a dirty old apartment 10kms west of the cbd seems awfully bubbly.

The equivalent suburb in Melbourne is 300-350k for same apartment.

What would a negative trend trigger in an environment like that?

 

Of course these things are like light switches right...

 

That would easily get you an apartment within 12 klms for Melbourne...and much nicer suburb?

So why would anyone want to buy in the Druie again?

 

depends on who is 'we' ))

- if you are investor who bought within the last 12-18 months and want (or forced) to resell now, it's likely you'll get a gross loss, and highly likely you'll make a subtantial net loss (adding entry/exit fees + other holding expenses)

- if you bought many years ago and plan to hold it for another 10-20 years, you don't care and you may call such reporters 'paranoid', etc.

- if you wanted to invest 12 months ago and decided to wait for the bottom and invested to other assets, you're more than happy. NASDAQ rose 23%, DOW rose 20%, ASX 200 rose 2.9%, Gold rose 7.7%

etc...

 

House just changed hands near me in Kellyville for $3.3m. In this very street a house sold for $2m during the 2003 Sydney boom and then sold for $1m a few years later during the downturn. History repeats.

 

$2m in 2003?

 

50% drop....i dont think so

 

You're talking about that 3 story property on 1,100sqm right? Are you saying this could be worth 1.65m in the future?

 

Post the address. I dont believe it dropped from $2m in 2003 (which in itself is a ludacris price in 2003) to $1m a few years later.

 

Yeah I just like making stuff up

The current owners have made a motza, I would guess around $2.5M now

32 Strathfillan Way, Kellyville, NSW 2155

• December 2012
  $1,085,000
  
  
  
• 2006
  July 2006
  $1,260,000
  
  
  
• 2003
  August 2003
  $2,000,000