NSW Sydney Property Hype 2017

Chatswood got HAMMERED

 

Clearance rates have dropped but prices haven't particularly dropped - yet. I think in 2018 we'll see the sales prices start to come off in many areas, all based on supply vs. demand. Steam's gone.

Interestingly though... something I saw showed prices going up for apartments and houses being the asset type with the prices coming off.

Could it be due to affordability and FHB's having a budget to buy apartments, not the houses?

 

Great city to live in when prices are going up. Horrible place to live when they are not.The time to move out is now.

 

I don't know. Place still feels the same as it was 24 months ago - maybe even better with some of the building works starting to complete. It's sunny and 26 degrees outside.

The time to move to Sydney is now.

 

If you're a millionaire, Sydney's great. If you're not.... well... its a little less nice.

 

I'm a millionaire........on paper lol.

OK, enough derailing this thread with non-informative posts. It's a slow day for me.

 

And nearby suburbs too by the looks of it. A low ball PriceFinder val on this property came in at just over $2M.

1 Donnelly Road Naremburn NSW 2065 - House for Sale #126981418 - realestate.com.au

 

The Pricefinder estimation tool isn't that intuitive. I think $1.53mill for that property is pretty decent. Aside from the fact that its modestly renovated, consider the other qualities:

Location - cnr block on a main road - tick
Front row seats to a busy freeway - tick
Constant noise and air pollution - tick

 

Maybe...but some like that would have got $1.8-2m easily about 9 months ago....you will see more of these.

You will see a lot more these...in coming months...I am already seeing the adjustments as we speak...a bit surprised how quickly it turned though.....

 

Wow!
Mortgagee in naremburn!
That is a good $200k off what it would have fetched 6 months ago easily.
No doubt about it.

 

Would not be 30 meter from the M1 for free.
The pollution and 24 hour per day noise would be mental. Its a very busy highway.

Im not sure how much this takes away from the price. Surely its a hell of a lot. I would not dream of it.

 

How are we so arrogant as to think that Australia doesn't have a sub prime borrower class.
The vast majority of service economy slaves are in debt upto their eyeballs and not producing anything of any real economic exportable value.
Either the dollar crashes... massively .. unleashing inflation and rate rises or unemployment goes up significantly with low inflation. Some of this borrowed prosperity is going to be redistributed from debtors to creditors. The laws of physics can't be overturned. Forever.

 

Yes it's a terrible location. But that would have fetched 1.7m in April easily.

 

Have a look at the view of the road and front window.
I think this will explain the price.

 

That is a 100m away from an on ramp to warringah fwy to the city. Nothing wrong with the location. Every property has a price. I still maintain that was a 1.7m home in April.

 

You're easy to please

 

There's no question prices have dropped almost everywhere, and will continue to until they form a base....but I was just responding to the assertion that this potentially was a $2m plus property that got sold for $1.5m...and the perception that places are getting 'hammered'.

The market's in a hungover state and returning to normal conditions. Nothing unusual following every boom.

 

If clearance rates still start with a 5 for a few consecutive readings post usual seasonal drops, I think that would spell a move from a neutral/balanced market at peak to one that is declining noticeably. Clearance rates are a decent lead indicator for price movements. 50s is usually a sign of a declining market in Syd.

 

I'll take that over a couple of rate hikes any day of the week.

 

It's a semi on just under 400 sqm, with not a brilliant outlook, too close to the freeway for my liking and the 4th bedroom is the attic space - (which in my experience with going into other other attic spaces) would get really hot in summer unless they provide a way for the heat to escape effectively. So its questionable as a bedroom.