NSW Sydney Property Hype 2016

Saturday 26th November 2016
Property Snapshot
Number Listed Auctions: 961
Number Reported Auctions: 645
Sold: 553
Withdrawn: 57
% Cleared: 79 %
Total Sales: $613,778,619
Median: $1,270,000

 

Some will read it as 57% withdrawn . lol

 

What's the reason for the difference between listed auctions and reported auctions?

 

What I heard from another forumite was that the reporters/analysts ring around and ask for as many results from the agents as possible. Once they get a solid number of results, then they report it.

 

3/40B Birriga Road Bellevue Hill NSW 2023 - Apartment for Sale #124022146 - realestate.com.au

I wonder why this one was withdrawn from auction. I didn't end up inspecting it but think there must be a catch

 

76% this week

Saturday 3rd December 2016
Property Snapshot
Number Listed Auctions: 874
Number Reported Auctions: 570
Sold: 479
Withdrawn: 62
% Cleared: 76 %
Total Sales: $496,805,988
Median: $1,200,000

 

This sold today at $1.73m in Pemulwuy

http://www.realestate.com.au/property-house-nsw-pemulwuy-124045310

A bit shocking.

Was talking to a colleague who recently purchased in the Hills Disctrict - moved there from Neutral Bay. She mentioned she knows a lot of people who are moving away from Neutral Bay and surrounds, Lane Cove and surrounds, Northern Beaches out to the Hills - selling their units to buy houses. I guess spending a a bit more for them isn't a lot given the prices they are used to. Found it to be an interesting insight given there has been a lot of discussion on PC on how people are affording in Hills.

 

1.73 for a standard looking ( but nice ) McMansion halfway between greystanes and Blacktown .

However nice the local suburb is , that's seriously crazy .....

Mona Lisa , they do that move and within a year or so they regret it and then look at ways to get out .

My sister bought out west many years ago , lasted a few years then bout in Lindfield . Saw many people move into Mt Druitt while I was working there and quickly decided they'd made a mistake . ( I know that the house linked isn't in 2770 ) but half the issue was the social isolation from their family . The other half was the neighbour going over their fence as they walked out the front door ....

Cliff

 

You're assuming the west is all the same, blanket assumptions like that aren't true. Pemulway is a nice area, yes the home is expensive, but the social isolation might not be an issue for everyone, especially those who already have family in the west. Yours is an anecdotal story where many "old aussie" families have family lineage from the north.

As for peeping toms slipping over the fence, that's not a big issue in most of the west, not everyone lives on struggle st. Lol. Yes Mt Druitt and 2770 is a problem in general, but not everywhere is 2770.

 

Chabs

Yep blanket statement , but it was in response to Mona Lisa's post about people moving from neutral bay , lane cove and northern beaches ( see her post above ) and in relation to people moving from those areas to the west , I think it is relevant and valid

If you're not aware , I worked out in 2770 for around 18 years and saw MANY people buy there because it was cheap , but not really understand the implications of what it was like , so I actually do know what I'm talking about in relation to this specific area .

Cliff

 

Thanks for explaining, you've got a good point. In RE: to 2770 in general, yes I did know you worked there, I feel like it may have influenced your over-all perception of the west in general .

 

I have seen the same with parts of the western suburbs in Melbourne. Many people attracted to the area because of the big, new houses without appreciating the many intangible things you only notice after living in the area

 

No , Working out there didn't change my pre conceptions ....

The North Shore have a series of Nice Leafy Suburbs and some of the best Private and Public School in Australia. Also has a highly efficient reliable railway line with picturesque Stations

The Northern Beaches and Shire have some of the best Surf Beaches in the World , With nice local Topograpy and pretty spectacular views .

The eastern suburbs is sandwiched between some of the other best beaches in the world , Sydney Harbour and the CBD , Also some of the other best schools in Australia . It's convenience to these areas is why it has the most expensive realestate in Australia .

Inner west is convenient to the CBD and isnt too far away for other places .

Epping growth is driven by one Factor . James Ruse High School ( as a public school it's free ) . It is consistently the best academic school in NSW . Asians are well know for seeking the best schools and been moving into the area for many years ( decades ) , hence creating their own local community which has itself become a focus for more growth . The railway changes have reinforced that growth .

Western Sydney . Well I've been to many different places out west over the last 40 years and Geographically ( as the local topography ) there is nothing to differentiate Mt Druitt from Fairfield from the Ponds . It's all relatively flat and non descript and it doesn't have the blue mountains . The only differentiating Factor is what development has occured there and how it has been done. Some is pretty dodgy and some has been done to a high standard.

On Hot summer days while the CBD , North shore and the beaches are sitting in the low 30's , it's hovering around 40 out west .

No , working out in Mt Druitt hasn't changed by perception of Western Sydney

Cliff

 

I spoke with a local agent in my part of Sydney and he reckons there's still people with preapprovals looking to buy right now. Last week was strong for his agency with 5/5 auctions sold at auction. He says each new year typically starts with a strong market, but he said he doesn't know about next year as some buyer's preapprovals will expire, and perhaps after they expire, they mightn't be preapproved to purchase at the same dollar level.
Anyway, here's the results, a solid finish for Sydney in 2016.

 

What a year.

Crapboxes (3bedroom freestanding houses) in my local area / inner west are selling for mid $2's. Anything nicer is into the $3's. Bay views looking at $4/5m.

Struth aye.

 

Where I am, houses are now commonly selling for low-mid 2's. Back in 2008 when I first bought $1mil sales would have raised huge eyebrows. I think in about 2012 was when the median was $1mil.... As an owner... Not complaining. Lots of demand, few properties... But the area near the station is being taken over by apartments, which makes well located houses on land more scarce.

 

Why is there is a stigma still associated with the west.

I know people who are willing to buy 2/3 bedder units for nearly 800k but not a house in west.

They prefer areas like asquith, waitara, hornsby tha move into west .

Regards

 

Read See Change's post just above yours.

 

Its a combination of inconvenience and the stigma. Those that wouldn't move west are probably going to be much further away from their usual lives, work, etc. The stigma is still around but becoming less about the "west" and moreso a stigma against certain parts of it, e.g. Mt Druitt, Fairfield, Lakemba, etc.

 

Simple.

Hornsby is one stop from Barker , Two stops from Knox and Abbotsleigh and four stops from PLC which are among the most exclusive / well connected schools in Australia .

If your children spend a school career there , if they walk in to any high profile business / institution in Australia , the chances are they will know more than one person there . If not someone from their school , it will be someone they've met at a school party who goes to one of the other private schools around Sydney .

One of my children doesn't mix much with kids from their school but has lots of friends who they've met from similar schools . Another one's main group of friends are kids they met of their first day of kindergarten and we are close friends with the parents of those children and we still met on a regular basis .

It opens doors . For some people that's not important , For some people it is .

While those schools don't do as academically well as 23-30 years ago ( PLC still does and and it's non selective unlike a school like James Ruse which is highly selective ... ) they are considered to provide a well balanced education and they open doors .

We've seen several couples start off with a house in a cheaper peripheral area and then upgrade locally over the years. We've also seen people sell the family house when their kids finish school and down size to units locally , or closer to the city

Cliff