NSW Sydney Update Please

I'm hanging back.
I was thinking of renovating my house, but now I might just wait until something comes up in the next street and buy there.
I really want a driveway and garage.

 

I agree, except why wont it touch inner city sort after pockets, not what I have seen when markets crash.

Last market market crash in Syd, blue chip got hammered, that is why Seech purchased in these areas they came down significantly. Same happened to blue chip in Melb, Perth.

MTR

 

Do you have a kitchen? that's a joke, as we had a property no kitchen.. true, we ended up sorting out eventually

 

Hey @neK are you in the epping, carlo, eastwood area? I have the impression you're living in these areas from past posts. How do you see the market in these areas if you are living near these suburbs?

 

Sydneys geography dictates that the inner west and lower north shore corridors near rail, are literally as safe as houses... If only 10% of Sydney buyers could access money, almost all of them would be looking to these areas if possible... these areas allow you to save HOURS and HOURS in commute times... its why people pay such crazy money for what are essentially 100+ year old $#itboxes in many cases... and then spend even more money renovating them.

Areas like Marrickville, Enfield, Haberfield, Redfern, Newtown, Leichardt, Annandale, Glebe, Petersham, Rozelle , Crows Nest, Neutral Bay... all have a fair supply of old dog box houses on small lots and ancient redbrick and creambrick nondescript drafty and leaky apartment blocks, but they still manage to get premiums because they are close to the CBD, and rail, and thats important in a city split by water where the CBD is extremely biased towards the east of the metro area.

 

A heard this about someone at work who was lamenting how their friend had to sell a unit in Parramatta. One in the block their friend has listed sold for $610k ...so they listed for $610k plus expectations. Reduced now down to $490k...still no buyers.

My feeling is anything along Parramatta to Penrith trainline overshot. Lots of people I know have bought older houses for 650-700k and are now putting McMansions there (Wentworthville, Toongabbie, Pendle Hill). They are expecting their places will be worth 1.2-1.4m upon completion. My feeling is this is not sustainable....high chance these will be only worth 800-900 tops in couple of years.

Cliff..it is not might be good buys...but more a question of when o the Lower North Shore..I live there and things are have definitely slowed....a lot.

 

would this be the only reason why you feel inner west and north shore are more immuned compare to other places in Sydney?
I noticed Sydney is getting cramped, and getting by car on a Saturday is worst than weekday. This wasn't like this 10-20 years ago.
I live in Blacktown, commute each day by train to North Shore for the last 15 years. Good day it is 1hr, bad day more.
I would like to move closer to work, as you said inner west or north shore to cut travel time, however affordability comes into play if there is a gap of $500k to cut 30min of traveling.
Commute by train are getting better in my view..

 

Euro...the markets below...are now starting to slow....some may come a lot more than people think.....the last few weeks has increased suppy.

The media beat-up of the Sydney market has accelerated the race to bottom even in these markets...

 

My experience in past cycles is that everywhere can be hit . I've certainly seen bargains in the lower and upper north shore . Around the time the GFC hit , I saw some nice looking buys in glebe which we thought about when we ended up buying in Mosman.

Retire rich , I've seen a property in one of the best streets in pymble that had previously some for 1 mill , for sale in the 600's in the recession we had to have.

We're still thinking about what we want . Got plenty of time .

One choice is a potential inner city downsizer , but would need a garage .

Other option would be a centrally located IP , trying to pick up a bargain .

Other option might be to finally buy something in 2770 ....

Cliff

 

Did you end up selling you PPOR in Tuzza?

I reckon there will be good buying in areas like Balmain/Birchgrove....

 

I think i have a kitchen Don't use it enough to notice if its there. That said, I wouldn't mind a 2nd toilet. The layout of the current toilet is terrible! So squishy.

 

Nope. I have IP's near there, but don't live there.

BOOM! I fit this category. LOL Old 100 year old house with mould, but it does have a character and I'm walking distance to a train station. Thankfully my door to door commute is 35 mins.

 

We sold in Wahroonga and bought in Turramurra . Will be there for a while .

Maybe good buying , but I think it's better further north

Cliff

 

I apologise for the error.
And I don't think that way about investing honest mistake. I may have needed more

 

I'm in those areas... we got the odd crazy (Chinese) buyer paying what I reckon is 300k+ over what they should have. Now its not so crazy, but I think vendors are still wanting those crazy prices. Realistically priced property will still sell though.

 

I am hoping to spend $1m in Sydney in 3-5 years in the lower/upper North Shore. This will be a PPoR so it will be very emotional I might cry.

I think you will be Master Timing Lord by then, so I please wake me up when it does come down $1-1.2m from $1.3-1.5m

 

The problem for me is that it may be possible for me to move out of Sydney and going to Christchurch during X-mas to NYD to check out the area. In regards to area, I would like to still stay in the Hills area (NSW) or neighbouring suburbs.

 

Consistently ridiculous auction volumes + unrealistic vendor expectations, especially in the west and south have lead to a massive drop off in clearance rates in "Sydney". Obviously, Sydney has peaked.

That said, the inner west, city & easy and lower north shore are holding up particularly well and northern beaches are doing well too. All four had clearance rates above 70% on the weekend. Might have something do do with the fact that people haven't been paying STUPID money in those areas, unlike the others.

Man there will be pain for the OTP buyers out west...ready your mops, everyone.

 

More like get the bleach to wipe the blood off the floor..

Here the are areas that will feel pain:

1. Hills District - lots of people overpaid...especially people who bought in the Pond later int the cycle
2. Mt Druitt/ Blacktown
3. Auburn to Toongabbie Corridor - lots of people overpaid..some are building McMansions hoping that $1m homes are the norm. In particular some of the Pazzamatta suburbs
4. Southwest - i.e. Oran Park and some of the newer suburbs where they are paying over 700k for a house
5. Epping/Eastwood/North Ryde corridor - the Chinese market has overpaid
6. Units in Ryde, Parramatta, Liverpool, Campbelltown, Zetland, Lane Cove/Chatwood, part of the Lower and Upper Northshore, Wolli Creek...actually anywhere they are building loads of units.

Some .who have not seen a market turn are about to get clobbered especially if they do not understand debt vs servicing levels well.

Just looking around I hear a lot of conversations which indicate that people are nervous...just little trouble and buffalo will panick!

 

@sash, you're on target.

Waterloo, Mascot and Green Square were your most glaring omissions (but they were covered by "anywhere they are building loads of units").