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Sydney Update Please

Discussion in 'General Property Chat' started by MTR, 18th Nov, 2015.

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  1. MTR

    MTR Well-Known Member Premium Member

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    Believe auction clearance have dropped off significantly 41%

    Would be interest in an update from those on the ground

    Cheers
    MTR
     
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  2. bob shovel

    bob shovel Well-Known Member

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  3. Foxdan

    Foxdan Well-Known Member

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    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.
     
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  4. MTR

    MTR Well-Known Member Premium Member

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    so perhaps Syd west hardest hit .
     
  5. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    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.
     
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  6. beachgurl

    beachgurl Well-Known Member

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    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.
     
  7. larrylarry

    larrylarry Well-Known Member

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    Buying opportunities ahead.
     
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  8. See Change

    See Change Timing Lord Premium Member

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    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
     
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  9. trinity168

    trinity168 Well-Known Member

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    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.
     
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  10. bob shovel

    bob shovel Well-Known Member

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    The only people watching Sydney would be for the last equity grab. She's done.
     
  11. RetireRich101

    RetireRich101 Well-Known Member

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    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...
     
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  12. Wukong

    Wukong Well-Known Member

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    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 :cool:
     
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  13. See Change

    See Change Timing Lord Premium Member

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

    What I said was

    Not

    BIG difference

    unimpressed

    Cliff
     
  14. bob shovel

    bob shovel Well-Known Member

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

    Ozzie in Texas Well-Known Member

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    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
     
  16. bob shovel

    bob shovel Well-Known Member

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    Oh golly! One thousand pardons Sir!! One thing I pride myself on is my copy /paste skills! I'll amend my resume today
     
  17. jins13

    jins13 Well-Known Member

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    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).
     
  18. See Change

    See Change Timing Lord Premium Member

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    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 o_O:rolleyes:

    Cliff
     
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  19. MTR

    MTR Well-Known Member Premium Member

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    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::)
     
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  20. euro73

    euro73 Well-Known Member Business Member

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    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.