Sydney's Eastern Suburbs markets are easing (at least temporarily).

Specifically, I'm referring to some markets in Sydney's East. Anecdotally.


I haven't looked at the stats, but from being active in the markets and talking to people on the ground, generally speaking, Sydney appears to have cooled quite a bit when compared to the March frenzy. I'm not seeing price dropping but definitely taking longer to sell properties that would have sold within a week of listing earlier this year. There is also very low levels of stock however the stock on the market, sellers are choosing not to sell unless they get their price. And buyers FOMO has definitely lessened. Affordability constraints is now (imo) starting to eat away at demand.

The next 3 to 6 months will be interesting.

 

Lockdowns …. Do you think has also impacted on this market??

 

Things are still selling very quickly out West.....but the pricing has not really gone anywhere for a little while. Of course, occasionally there's an outlier, but overall same, same.

 

It was starting to ease some weeks before the lockdown. Opens less packed, fewer bidders, offers not matching vendors sky high expectations. Still a handful of emotional buyers paying a million over reserve that the news loves to keep reporting on. Lifting of the lockdown may create a mini flurry but likely back to a more normal market afterwards I think

 

Lots of talk that RBA may need to raise interest rates earlier due to over heated markets. Probably now may see this back to target around 2024.????

 

I’m not seeing any cooling to be honest. It’s still hot as hell in the pockets I’m buying.

 

It may be a case of markets within markets. We have recently seen more stock come to market in various areas in Perth, however very low stock in others, driving prices north

Be interesting to see if we see a cooling of markets Oz wide…. ??

I have been keeping an eye on Melb market, its a mixed bag I believe

 

I think this is likely.

As @skater said, Western Sydney is hot. I'm looking at the houses and units market in Sydney's East. Places which took a week to sell for top dollar is taking longer to sell now. I've noticed it and agent's telling me similar.

Like I said I'm not seeing price drop, just not as frenzied as earlier this year. Maybe lockdown is contributing to it.

Next 6 months will be interesting.

 

In Sydney's East?

 

I've noticed from REA sales, Blacktown/QH areas have grown massively. Will be interesting to see if now a 900k crap box can get over 1mil in the next 3 to 6 months.

 

Time to sell is more indicative of the agent's skill in massaging down the vendor's expectations in my opinion. Right now is probably a case of vendor expectations having caught up with current market conditions.

 

This is my current instinct on what's to come. I think the affordability factor/shift in sentiment is starting to creep in Sydney's East.

 

Yes, West is not showing any sign of cooling down!!

 

Mostly Inner West mate.

Just kicking off something in the East, so let’s see how we go!

 

Good luck with it. I think you'll do well. I'm not seeing price drop, just taking longer to sell.

 

But we are at opposite ends of the spectrum, pricing wise though.

 

That's why I think it's a shift in sentiment at the higher price points in Sydney's East. Still selling here for high prices, but it's taking longer. Buyers don't seem to be as emotional as they were in March.

 

Mainly the lockdown effect .. I haven’t seen any properties sell for less than they would have a month ago yet in Northwest Sydney but ofcourse lockdown dampens the real estate activity like we saw in Melbourne.

No signs yet on lending slowdown either but I have a feeling that boom will shift towards under $1m markets as more investors enter market after unlocking equity increases from last 12 months.

 

Yep, I was talking about the lower north shore and east. Definitely not as hot

 

If Syd is cooling, it is def not showing in the core logic daily index - it is still trending similar to last month
CoreLogic Home Value Index - Daily Indices | CoreLogic