NSW Sydney Property Hype 2016

Discussion in 'Where to Buy' started by See Change, 6th Feb, 2016.

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  1. See Change

    See Change Well-Known Member

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  2. meme plecko

    meme plecko Well-Known Member

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    Not bad Sydney, who said the boom is over?! ;)

    73%, but median drops under 1 million...

    Melbourne is also back to 79% this weekend

    upload_2016-2-6_20-45-44.png
     
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  3. Gockie

    Gockie Life is good ☺️ Premium Member

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    Sydney's not done and dusted yet after some November and December weakness...
    Saturday 13th February 2016
    Property Snapshot
    Number Listed Auctions: 358
    Number Reported Auctions: 265
    Sold: 217
    Withdrawn: 27
    % Cleared: 74 %
    Total Sales: $183,224,500
    Median: $1,041,500
     
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  4. Jacque

    Jacque Jacque Parker Premium Member

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    Andrew Wilson remains upbeat....


    "The Sydney home auction market recorded another encouraging result on Saturday, with early-season indications of a revival in buyer activity now consolidating.

    Sydney recorded a clearance rate of 74.3 per cent at the weekend, which was ahead of the previous weekend’s 72.5 per cent and the best result since September 2015. However, it remains well below the boom-time 83.3 per cent recorded during the same weekend in 2015.

    The weekend result was achieved despite a significant increase in listings, with 358 homes auctioned – well ahead of the 217 listed the previous weekend.

    [​IMG]The most expensive home sold at auction during the weekend was 50 Nelson Road, Lindfield.

    Regional results were reasonably balanced at the weekend, although the north-west continues to underperform compared with the rest.

    The inner west produced a strong result at 85.4 per cent, with the highest number of sales at 41. Next highest was the upper north shore with 81.6 per cent, followed by the lower north and the south-west, each with 80 per cent, the city and east 77.1 per cent, the central coast 76.9 per cent, the northern beaches 67.9 per cent, the south 66.7 per cent, the west 62.5 per cent, Canterbury Bankstown 60 per cent and the north-west with a clearance rate of just 41.7 per cent.

    Notable sales reported at the weekend included a three-bedroom home at28 Boyle Street, Balgowlah, sold for $2,565,000 by Stone Real Estate Seaforth; a five-bedroom home at 50 Brighton Street, Freshwater, sold for $2.51 million by Ray White Freshwater; a four-bedroom home at 1A Lord Street, Newtown, sold for $2.42 million by BresicWhitney; another four-bedroom home at 2 Daintrey Street, Fairlight, sold by Cunninghams Property for $2.37 million; and a four-bedroom home at 23 Ernest Street, Balgowlah Heights, sold by Clarke and Humel Property for $2.35 million.

    The most expensive property reported sold at auction at the weekend was a four-bedroom home at 50 Nelson Road, Lindfield, sold for $3.63 million by Chadwick Real Estate. The most affordable property reported sold at the weekend was a one-bedroom unit at 46/93-95 Campbell Street, Liverpool, sold for $395,000 by Ray White Wetherill Park.

    For a full list of Sydney auction results, click here.

    Sydney recorded a median auction price of $1,041,500 on Saturday, which was higher than the previous weekend’s $991,000 and reflected the higher proportion of inner suburban auctions sold. Saturday’s median remained 13.3 per cent higher than the $919,000 recorded during the same weekend in 2015.

    Early-season auction results can be volatile as a consequence of relatively low numbers of listings and an unbalanced mix of property types, price ranges and suburban regions.

    Saturday’s auction numbers, although well ahead of the previous weekend, nonetheless remained well below the same weekend in 2015. Listings are down by 30 per cent, or 253, over the first three weekends of the season, compared with the same period in 2015. This trend is set to continue over coming weekends, indicating some wariness from sellers in the market.

    Saturday’s clearance rate has, however, built on the previous weekend’s solid result and, with significantly higher listings, is a clear sign the Syndey market might be reviving, after last year’s sharp fade-out in activity.

    Sydney’s housing market correction phase was always likely to be short-lived, given the strength of the local underlying supply-and-demand fundamentals.

    Although it is early days and challenges remain, the latest results will boost the confidence of both buyers and sellers.

    Well over 500 auctions will present another significant test next weekend, but certainly so far so good for a Sydney housing market on the upswing.

    Dr Andrew Wilson is Domain Group’s chief economist.
     
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  5. See Change

    See Change Well-Known Member

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    So after trying to talk down the last boom , he trying to talk up the slow down ...

    Maybe he's worried about falling advertising revenue ....:rolleyes:

    Cliff
     
  6. Jacque

    Jacque Jacque Parker Premium Member

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    I think economists get it about as right or wrong as many other property pundits @See Change
    As we all know, it's not ONE market......
     
  7. E.T

    E.T Active Member

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    Soon Brisbane is going to be qtr of the price of Sydney
     
  8. datto

    datto Well-Known Member

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  9. trinity168

    trinity168 Well-Known Member

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  10. See Change

    See Change Well-Known Member

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    reasonable numbers ( though obviously not high )

    Good clearance rate

    Median 1,240,000 ......:eek:

    :)

    While investors are mainly driving by the cycle , PPOR's buyers are still changing jobs , moving house to get close to the schools they want , downsizing , buying their dream home . Life goes on

    Cliff
     
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  11. Simon L

    Simon L Well-Known Member

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    Been keeping a close eye on premium inner Sydney areas

    Still a lot of activity but mainly owner occupiers. Although there does seem to be a lot more stock coming on pre-easter than stuff selling. Would be interesting to see the state of the market come winter and latter part of this year.

    Also note a lot of greedy vendors jacking up price/expectations after 1 or 2 opens depending on interest.
     
  12. Rich W

    Rich W Well-Known Member

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    Couled
    In your opinion if you had to sell this year, would you do it ASAP/Autumn time or wait till Spring/Summer possibly after the election is done? Or do you think there will be little change in 2016?
     
  13. See Change

    See Change Well-Known Member

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    So you'd saying ' everyone is saying it's worth 2.1 , but you seem like a nice person , you can have it for 1.9 ' ?

    :rolleyes:

    Cliff
     
  14. Simon L

    Simon L Well-Known Member

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    Depends what and where your property is. General consensus is sooner the better in Sydney and if it were me I'd do it asap. Nicely done up places are attracting more emotional OO buyers at present so I'd spend a bit sprucing it up beforehand and staging/glossy marketing

    Doubt even the most uninformed buyers are stupid enough to openly suggest a property is worth more than whats being advertised as the price or the guide but yes I would probably have higher expectations as a vendor too if I had 20 groups through at first open and 10 contracts sent
     
  15. Gockie

    Gockie Life is good ☺️ Premium Member

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    Still so strong!!
    I think its the owner occupiers.

    Saturday 27th February 2016
    Property Snapshot
    Number Listed Auctions: 648
    Number Reported Auctions: 459
    Sold: 379
    Withdrawn: 34
    % Cleared: 77 %
    Total Sales: $366,648,701
    Median: $1,200,000
     
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  16. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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    OMG, I thought Sydney was crashing :D
     
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  17. Gockie

    Gockie Life is good ☺️ Premium Member

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    From same time last year (epic 50 page thread!!):
    See Change and Richard Feynman . let's hype the sydney market thread . - Page 27 - Somersoft Property Investment Forums

    Post by @See Change

    Looking good [​IMG] feb 28th 2015

    830 listings

    85 % clearance [​IMG]

    Median $1,055,000.00 [​IMG]

    OMG !!!! [​IMG] ( is that hype enough ....[​IMG].)

    I'll be curious as to for how long the sydney sceptics are eating their words. I know I don't know but we're seeing several members coming out with predictions of when they will be coming in and buying bargains in Sydney .

    Cliff
    ----------------------------------------------------------------------------

    So at 77% the clearance rate is down on 1 year ago, but 85% is out of the ball park outstanding.
    Median price at $1.2 mill is still significantly above a year ago... highest ever (barring the previous week I think?)
     
    Last edited: 28th Feb, 2016
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  18. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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    4 years too late ?
     
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  19. Gockie

    Gockie Life is good ☺️ Premium Member

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    Generally a very solid market. Still too early for the bargain hunters it seems. :)
     
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  20. Steven Ryan

    Steven Ryan Well-Known Member

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    If you look at the clearance rates broken down by region, there's just a few pockets preventing the "Sydney" clearance rates from being over 80%, and they were the first to move and the first to overshoot their mark.

    Lets see what happens.

    Seems to be strong activity in the $1.5-$3mil range.
     
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