NSW Sydney prices still falling...

^^
Nice observation.

This house went to auction in Kellyville Ridge with a price guide of 795k.
15 Farrier Way, Kellyville Ridge, NSW 2155

It got passed in at 870k offer. It will be interesting to see what it eventually sells for.

 

Thanks @Sackie.

I'm reminded of a comment you made about how property allows you to swing the edge in your favour. Refined knowledge of the specific market you are targeting is definitely one invaluable tool to this end.

 

What was it worth at peak? About $1.1m?

 

Maybe

43 Annfield Street, Kellyville Ridge NSW 2155 - House For Sale | Domain

Some houses are still $1.1

15 Farrier Way may have been 900k at peak or maybe less. I dont know Kellyville Ridge well enough.

 

It sold for $870k in April 2016. Going by medians that probably means it peaked out at around $1M or just higher. I'm a bit surprised they're not accepting the $870k offer now. Seems like a decent result and an extra 10-20k doesn't seem to be worth the risk of having it sitting there for another month or more.

 

That just shows that prices in the Sydney are not rocketing back up.....based on the original listing price they have taken a 20% drop.....

 

Important to remember 'price guide' and 'asking price' are marketing numbers conceived by agent and vendor.

Sold price is the actual and only one that matters if you're judging the market.

 

It got passed in at $870k and they bough for 870 K.
I think im confused.

How is that a 20% drop in value?

 

20% drop from the peak.

I guess that is what @sash meant

 

My reading is a 20% drop from the original listing price to a price rejected at auction.

I guess both those prices are as real as a notional "peak" that it could have potentially sold at one point in time.

In any case I think it is meant to prove the vendor has lost 20% in transactions that never occurred.

 

This one is really interesting! It’s sold in March, 2019 for 790k, and now re-listed for 1.13! That’s over 300k profit!

I think this sale (when it’s finally sold) will give a good idea about the market change since the election

 

Has there been any changes made to the property since March??

 

Not that I can see

 

How come? The listing price was $795 and passed in price was $870.

 

Did you stop to think that over 2 years ago....they would have easily sold for over....1.05m??

Why is it...that it is the same culprits livin' in la la land......as I said for the inexperienced...Sydney cycle is not going to have an upward trajectory till - 1. rents go up....2. borrowings improve....people are saying they will have more serviceability....but banks are scrutinizing spending..and a lot of people fall down here.....

 

You got it..... ...I'll let you explain to the great unwashed....

 

20% discounts from peak still plentiful... Many Hope hope hoping prices have turned around. No meaningful data yet to show this.

Volumes still low.
Rents still declining
Vacancies still rising.
Prices flat.
Developers going under and offering 10% commissions for OTP sales.

Agents trying their hardest to pump up clearance rate

Time will tell.

 

No. You do that job better so continue...

 

I was basing this directly from the comment that said the drop was from the original listing price.

It seems that you both know that this should be read as "peak" - it wasn't the way I read it.
But if the poster says they meant something different than my read - then no problem, my bad.

I've got no real view on this property but I don't really pay too much attention to listing prices or offers that got rejected in viewing the market. I also don't put a lot of weight on "it would have sold for this 2 years ago either".

I do pay attention to good data and comparable results and there is plenty of that around.

I have a good idea of the markets I'm concerned with and have been reducing my exposure as appropriate.

 

Largely, I'd prefer to let you and you hydras talk amongst yourselves.

So direct question -are @Oliver Shane and @sash the same poster ?