NSW Sydney Update Please

Believe auction clearance have dropped off significantly 41%

Would be interest in an update from those on the ground

Cheers
MTR

 

what do these jokers think
NSW - See Change and Steven Ryan - lets hype Sydney thread

 

A friend who is a real estate agent in blacktown said that prices have dropped back about 50k compared to 4 months ago. Apparently plenty of stock but no one will pay the prices being asked anymore.

 

so perhaps Syd west hardest hit .

 

I think most of Sydney East of Parramatta will hold prices or possibly rise, there are still buyers, just not over the top quantities. But it is quieter than 2-3 months ago in pretty much all of Sydney, and more noticeable in some areas more than others. Also I believe all the Chinese buyers seem to have vanished.

 

There are still great prices being achieved for good properties around parra. But they are mostly those in high demand or unique higher end stuff. The low to mid range stock doesn't seem to have much interest at the moment and any sales made in tha range are discounted.

 

Buying opportunities ahead.

 

Property goes in cycles .

Sydney has been booming for a while and is reaching / reached the end of the boom. Appears to have peaked

Unless they have blinkers on , anyone who reads the forum on a regular basis would be aware of that .

That post was about watching the market go up.

We've sold the sydney properties we we're going to sell and are happy to keep the rest as long term buy and holds .

As a result I'm not watching Sydney closely at the moment as we're still buying elsewhere . Steve has also switched his attention up there and has now moved up there .

I'm reading sydney based posts out of curiosity . IMHO, Those Jokers who still think Parramatta will go well in the short term are in for a nasty surprise .It's been supported by chinese buyers , lots of new buildings , will be pain at some stage . Might , repeat MIGHT , be some good buys at some stage in a couple of years , but I'll probably be looking for a nice Lower North shore / City downsizer .

Cliff

 

IMHO, buying opportunities won't be there until at least in 3-5 years. OTP pain will be felt in the next few years as people are unable to settle.

 

The only people watching Sydney would be for the last equity grab. She's done.

 

Sydney peaked 2003, buying opportunity was around 2009/2010, or bit earlier if you want the green shoot. Most bought in that time frame would double their money.

Western Sydney led the boom, I guess it may as well lead the fall.

If someone tells me with certainty of 10-20% overall fall till bottom is called, I would rather hold through this trough....Definitely an option if there are further evident rent are rising. 2 years ago I will initiate a conversation with PM to increase rent, mostly said NO. This month alone I have received 2 letters from PM that they will increase for me. I will be changing my lease to 6 rather than 12 months in anticipation to slip $10 in between tenancy...

Don't forget the time to sell is in history. This was few months ago. It was a very very small window opportunity to pick this peak of FOMO. Only a few savvy investor here I know was able to got "lucky" or just that good

I am not seeing a major trigger to this cycle. APRA? possibly.. but this would affect the overall Australia. I can only believe it is going through a natural property cycle...

 

If age is on your side with a 20 year investment horizon and with an ability to hold, best to ride the trough and wait for the next cycle. Let compounding and time work its magic.

Of course, if you're a Timing Lord like @See Change, then the above would be very boring and slow

 

Bob . So now your following 2340s trick of deliberately misquoting me . That's pretty f...... Slack of you .

What I said was

Not

BIG difference

unimpressed

Cliff

 

Since when is accuracy required?? I MIGHT go back and read what you wrote.
Signing off this thread. Have a good day

 

Auction results by state and suburbs for week ending 15 November at link below. NSW - 61%. Best performing - VIC 70%. Worst QLD - 46%.

As for Parramatta - 1 sold prior to auction, 1 at auction, 1 withdrawn and 1 passed in.

I can find the data while living in San Antonio. No need for speculation - all available online folks.

Auction Results Sydney, NSW - Latest Weekend Results

 

Oh golly! One thousand pardons Sir!! One thing I pride myself on is my copy /paste skills! I'll amend my resume today

 

Probably about time for me to look at upgrading my PPOR. Chris Gayle and some of the other members from the forum prefer to rent than buy their PPOR, but for me I like the feeling of being able to emotionally and mentally be unpack in my own home (I know it's owned by the bank but still).

 

Given we're talking about property investing which is one of the biggest investments that most people make , personally I like to be accurate and given some people here respect my opinion I feel I have a obligation to be as truthful and as honest as I can , so if I see some one deliberately misquoting me , I have a right to correct that.

Obviously you don't feel that way

School must be out early today ....

Sigh

Cliff

 

Could be a good call shortly, where would you upgrade?

You don't want to come to Perth do you??? hehe.. Blue chip has been hammered and not recovered since 2007, properties over $1.5M+, just shows you even in cycles blue chip can also drop.

MTR:

 

Not especially - there is evidence everywhere of prices hitting a ceiling. Exactly 6 months after the first of the APRA changes rolled in, the impacts are unambiguously clear. People cant get as much money so the market has stalled. One way or another this will catch every segment of Sydney, except possibly the most sought after pockets of the inner west and lower north shore.