NSW Sydney Property Hype 2018

Attaended a few auctions in the Hills area.Lot of vendors still having high expectations...

Buyers guide was 1.2M. Two registered bidders, none attempting first bid...agent put in a vendor bid at 1.1M,eventually sold for 1.17
48 Northam Drive North Rocks NSW 2151 - House for Sale #126961834 - realestate.com.au

This one got passed, only two bidders.Good location, close to school and Castle towers but old tired look.
Poor RE agent had to push really hard for initial bid as no one bid for initial 10 mins . Bidding stopped after 5 mins at 1.325M. Now relisted at 1.5M
30 Gilham St Castle Hill NSW 2154 - House for Sale #127734586 - realestate.com.au

Price guide was 1.28M...only 2 bidders and 2 bids.SOld for 1.25M
43 Mileham Avenue, Castle Hill, NSW 2154 - Property Details

Buyers guide at 1.4-1.5M. From memory passed at 1.35..now relisted
12 Henley Close Castle Hill NSW 2154 - House for Sale #127582966 - realestate.com.au

Unrenovated, crappy layout, tired looking properties are really struggling in the Hills with most auctions only having 2-3 bidders who are **** scared to make the initial bid.But having said that, good ones are still selling at premium like the one below
19 Brae Place, Castle Hill, NSW 2154 - Property Details

@sash Must be luvin it

 

He is not the only one

 

All houses in Kellyville were passed in this week. Am I reading it right? Market doesn't seem to be quite good in The Hills. How much do you reckon is correction % in houses already (on average)? I am not on top of the trend but it appears like a quick fall.

 

This the new normal for the market.....the market is out for another 10 years....it will correct for another 1-2 years....it started around mid 2017...so typically this correction period is 2-4 years.

No hurry to but now folks...take your time...market ain't going anywhere....

I take it you are in the market for a house in the Hills....

Nah..not that fast...but it will come off gradually over the next 1-2 years...a fast drop is like 200k in one market. Nuttin like that happening though you are seeing islolated cases of 200-500k drops on a house by house basis.

 

With any correction, its the first few week when 'bargains' start coming on the market - mostly those vendors who got the peak timing wrong in the greed for more and now don't want to lose more. There is no shortage of agents who will be happy to sell any property 100-200k less than the market value.

Hills and most other Sydney markets are showing this exact behaviour at the moment. While well presented properties are still selling at premium prices, bargains have also started to come up.

As with the stockmarket, best buying opportunities are at the start of the fall because that's when the most inexperienced and impatient investors try to exit the market.

7 Pebble Crescent The Ponds NSW 2769 - House for Sale #128036366 - realestate.com.au

Above home was listed for $950k+ offers in Dec before the listing was pulled down in 3 weeks as vendors wanted to change the agent. Relisted last week with a new agent with $820k+ offers and agent said he already had an offer within hours. Inexperienced vendors working with a volume agent and someone would walk away with a bargain if they have not already considering a comparable property just sold for over $1.1 million just a week ago.
24 Wakely Avenue, The Ponds, NSW 2769 - Property Details

Interesting times indeed!

 

Why it has been relisted on 1.5M if got passed at 1.325M?!

 

Land size is different

 

Still a $130k drop in the asking price!

 

Vendors refusing to adjust to market reality. Most likely listing will disappear in few days and they will list with a new agent in 6 months.

 

Coogee 100% clerance many auctions
Botany 100% clerance many auctions
Lane cove. Lane cove west Lane cove north all 100%
Camperdown 100%
Northbridge same
Mosman same
Dee why 85%
Randwick 80%

Seems quality suburbs have no problem at all and are getting good numbers.

You see Blacktown 0% clerance

Also **** clerance rates in hills.

Ponds I never understood how people were paying what they Were. New suburb that was selling house and land for $600s yesterday


You see quality suburbs good locations going well.

This was a suprise

WEST HOXTON PARK $1.2 MILLION
182 Second Avenue, West Hoxton
http://www.domain.com.au/2014254606

 

Quality suburbs still selling well.

Though keep in mind when looking at Domain Results. They don't list the suburbs for unknown results (~30% of Total Auctions).

 

Is this worth that much money

 

First is 8 yrs old. Second is 3 yrs old. First is tiny and has poor finishes. Second is a huge house with med-high finishes. One sits on 360sqm in the old section of The Ponds, the other sits on a 500sqm corner block which in The Ponds is a duplex site..

huge huge differences. At peak of market those tiny pebble crescent homes sold for 840k. That second home which only was sold a week ago was wayyyy above what I thought it would go for tbh.. I didn’t expect it to even go for $1mil. I’ve never seen a 3 bedder in the Ponds hit a million..140sqm of land is worth 280k in The Ponds so the price will reflect that.. you’re comparing apples and oranges

 

And gsaawq0

The old expression.
Something is worth what someone is willing to pay for it.
So this selling in current market (Yesterday) means its worth it

 

Yes looking for a property around Hills area to live in but no rush

Well a house on the same street sold for 1.6 last year so vendor's expectation this year was 1.5!! They still don't accept the fact that market has turned so their best shot was accepting the highest bid which was 1.325.This will now sit for 3 months and will then be relisted by some other agency.

 

What about this in Liverpool $1,120,000
Not a new home in fact far from it.
22 Reilly Street Liverpool NSW 2170 22 Reilly Street, Liverpool, NSW 2170 - Property Details

 

It makes sense i terms if if they didn't settle for $1.328 that they are aiming higher.

But its an old home requires a major renovation and on an arterial Road.

I cant see thia home getting that much.
Needs a huge update and street relocation hahahaha

 

47 Meander Crescent, The Ponds, NSW 2769 - Property Details

Here’s a better indication of market.. last year July was peak of market.. this house is almost identical to the one that sold last week for $1.1m. Only two 3 bedroom houses in The Ponds have reached a million dollars. The one above and this that they posted earlier...

24 Wakely Avenue, The Ponds, NSW 2769 - Property Details

Both almost identical.. 2017 $1mil. 2018 $1.1mil

 

I've always liked Thornleigh, except that some people say there is a Waste Processing centre there which made it less desirable and hence the lower price. Could someone in the know comment on this point?

 

I saw that result too in Anthony Road Denistone? It doesn't make sense when 10 Falconer Street, West Ryde sold for $1.35m on the same day? Had you seen both houses and was it worth $380k more?