NSW Sydney property prices falling

Agree but prices have been declining for 4months now, consistently... that is falling for most people

 

I visited an auction in Sydney today (5 km from CBD). The guide price was 200K below the average sold price in the same building. No bidders, passed in.

 

$200k below comparable sales and you didn't buy?
What was the address? I would be keen to see why.

 

Interesting, can you post the link.

 

I can't say as I live there (privacy). I didn't want to buy... just to see who is coming and how many.
The only problem of that apartment was that there was no car space, but it can't be explained by $200K+ difference as everyone can buy a parking lot here ~$40 per week.

 

It can, from what I see a carpark is worth about 200-300k depending on the area. Renting a space or a council permit doesn't compare to 100% certainty of parking on title in your building. Council could reduce parking permits etc then you're up **** creek.

 

I'm looking for a PPR atm and I attended an auction today for a 2 bedder in Rozelle (with DA for 3 bedder conversion).

It had a price guide of $1.5M and sold for $1.8M. I stopped bidding at the low $1.7 mark. On the other hand, I attended an auction for a 3 bedder in balmain (run down) and I was the highest bidder but below the reserve. The owner did not want to play ball and it passed in.

Long story short - it is seriously unpredictable out there, decline is not definite and blue chip, free standing houses/terraces seem to continue to be supported.

 

Thanks for the on the ground update @bookworm. It's really hard to tell unless you are in the thick of it. Can't tar the entire market with the same brush

 

If you post the listing I would spontaneously show up for a cuppa. Naked.

 

You can rent a spot for $40* p/w Not buy a retired couple may not have a car and happy to lease a spot for cheap does not mean what it's value is.

Although as it was a public listing public auction why the address can be disclosed is odd.
Obviously not a comparable apartment hence the listing advertised with guide lower than others.

 

Could've posted and not said anything and noone would've been the wiser?
Unless you constantly show up to meet ups!

 

Yep at this stage some areas are falling faster than others...

We won't see decline in blue chip free standing house with reasonable price tags until the cycle changes from.

A) oh it's just silliness coming out of the market (5-10% down)

Which is current state...

To

B) oh **** prices aren't going up anytime soon (10-15%) down.

Prices / auction clearances really need to stop falling soon to avoid migrating to phase B above.

 

Sounds like you are well aware that time is on your side. Shame about silly vendor in Balmain for you - great area!

 

the building is close to public transport, there are always a few carparks for rent, and there is a lot of public parking around the building. I never saw 200-300k difference. 100K - yes, but not 200+.

btw, agency didn't put that apartment into report. Every visited (by me) passed in property was not there, confirming that a non-reported property is likely 'passed in', so the real clearance rate is much lower.

 

>45% of properties (auction) are not reported today

 

Sold for 2.2625

 

It's the case most of the time and especially when things are slow.

The way Domain and Re report clearance rates hasn't changed in well forever.

So if you trust their figures during 15 downturn 12 downturn GFC. And all the ups in between what's the issue now?

I know you and a few others want to buy in Sydney. At least you were honest. The rest are bashing wanting to buy hoping by bashing Sydney it will help them enter the market.

I wish you best of luck on your sale and subsequent purchases.

 

I never trusted them and can't understand how people and media can quote them and make conclusions. I check auction data only to check specific suburbs / properties

 

RE reported 63% clearance rate, surely that’s an accurate reading as it is quite low, I have seen that in previous cycles anything below 60% in Sydney resulted in declining values.

 

Hmm I wonder if that affects clearance rates - all excluded from reporting I guess.