Sydney property prices faltering as new home 'tsunami' hits

Discussion in 'Property Market Economics' started by MGF, 21st Sep, 2015.

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  1. nth brisbanite

    nth brisbanite Well-Known Member

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    Everything is getting pooey on this thread.
     
    nth brisbanite, 22nd Sep, 2015
    #41
  2. Waterboy

    Waterboy Well-Known Member

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    Pun intended:p
     
    Waterboy, 22nd Sep, 2015
    #42
  3. Propertunity

    Propertunity Well-Known Member

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    Propertunity, 22nd Sep, 2015
    #43
    Sackie likes this.
  4. MGF

    MGF Well-Known Member

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    Supply is keeping up with demand in Sydney though... otherwise there would be mass homelessness. All those tens of thousands of people turning up each year are housed. It's not like they're sitting around on the streets waiting for homes to be built.

    The oversupply is referring to the massive number of homes/apartments coming online that will be above any estimated migration to Sydney.

    There may be built up demand in the form of renters who want to become home-owners but when they do so, their property is now open for another renter to take.

    I think the people in this article are confusing "demand for home ownership" with "oversupplying the market".
     
    MGF, 22nd Sep, 2015
    #44
  5. skuzy

    skuzy Well-Known Member

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    despite alot of mention here on PC and more more on media about sydney property market cooling etc

    on Sunday i saw 120+ bidders (most if not all were active) for new land releases where land cost on avg = $900 sqm.. on each block there was about 3-4 bidders

    does this reflect a cooling property market? how to land prices trend with respect to overall property market?
     
    skuzy, 22nd Sep, 2015
    #45
  6. Waterboy

    Waterboy Well-Known Member

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    BREAKING NEWS

    June Quarter most recent results from ABS
    http://abs.gov.au/ausstats/[email protected]/mf/6416.0?OpenDocument

    [​IMG]

    The capital city residential property price indexes rose in Sydney (+8.9%), Melbourne (+4.2%), Brisbane (+0.9%), Adelaide (+0.5%) and Canberra (+0.8%), was flat in Hobart (0.0%) and fell in Perth (-0.9%) and Darwin (-0.8%).

    Annually, residential property prices rose in Sydney (+18.9%), Melbourne (+7.8%), Brisbane (+2.9%), Canberra (+2.8%), Adelaide (+2.7%) and Hobart (+1.5%) and fell in Darwin (-1.8%) and Perth (-1.2%).
     
    Last edited: 22nd Sep, 2015
    Waterboy, 22nd Sep, 2015
    #46
  7. Propertunity

    Propertunity Well-Known Member

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    Auction clearance rates have come down from 80-90% to just over 70% in the last few weeks. If you're a seller, you have a better than 7 out of 10 chance of selling under the hammer. Not too bad.

    Prices are still increasing but the rate of increase has come off a little.
     
    Propertunity, 22nd Sep, 2015
    #47
  8. THX

    THX Well-Known Member

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    At The Hermitage?
     
    THX, 22nd Sep, 2015
    #48
  9. WinDyz.

    WinDyz. Well-Known Member

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    Sydney is a global city.
     
    WinDyz., 22nd Sep, 2015
    #49
  10. Waterboy

    Waterboy Well-Known Member

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    "A global city, also called world city or sometimes alpha city or world center, is a city generally considered to be an important node in the global economic system. The concept comes from geography and urban studies and rests on the idea that globalization can be understood as largely created, facilitated, and enacted in strategic geographic locales according to a hierarchy of importance to the operation of the global system of finance and trade."

    https://en.m.wikipedia.org/wiki/Global_city
     
    Waterboy, 22nd Sep, 2015
    #50
  11. Waterboy

    Waterboy Well-Known Member

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    And did you know Sydney's contribution to the Australian GDP is more than 3 times the contribution of the Australian mining industry combined?

    Sydney's economy is larger than many entire countries LoL.
     
    Waterboy, 22nd Sep, 2015
    #51
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  12. Rchua

    Rchua Member

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    If you missed the hole, you must have a very big butt...
     
    Rchua, 22nd Sep, 2015
    #52
  13. THX

    THX Well-Known Member

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    My favourite of these comparisons is California - worlds 8th largest economy :D
     
    THX, 22nd Sep, 2015
    #53
  14. Kangabanga

    Kangabanga Well-Known Member

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    Kangabanga, 22nd Sep, 2015
    #54
  15. Mumbai

    Mumbai Well-Known Member

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    Is it not?
    Depends what do you mean by level?
    House Prices- definitely
     
    Mumbai, 22nd Sep, 2015
    #55
  16. petewargent

    petewargent Buyer's Agent

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    petewargent, 22nd Sep, 2015
    #56
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  17. Waterboy

    Waterboy Well-Known Member

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    70km from the cbd?
    I don't even want to live more than 10km away.
     
    Waterboy, 23rd Sep, 2015
    #57
    petewargent likes this.
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