The garbage may be about to hit the fan in Sydney

For those who want to know what will happen next in Sydney, I'd look more at jobs figures, not auction clearance rates, volumes, median price sold etc. These will all be tied heavily jobs figures anyway and are lagging indicators.
Sydney is all about jobs. That's there main value proposition - why they can get away with such expensive stuff. Jobs figures can be leading indicators. eg market research reports. Hiring intentions for the year rtc...that is what will shape Sydney for the remainder of the year in terms of prices.

 

Not sydney - but It's looking like the total dwellings sold this month for Coombabah will be down by nearly half (10 sold) It's tracked consistently at around 20 or more per month for about 2 years, except March this year where it hit 50+.

 

Was planning to attend this one tomorrow.
Sold yesterday for $981k

 

One property only in $51 billion plan to curb negative gearing

This definitely won't help, though Greens are unlikely to get it. Worth a thought as Labor's policy becomes more popular, we may see a less extreme before this one gets rolled in.

 

That seems expensive, but do not know the market really, obviously still a lot of Chinese in Ashfield ?

Overall clearance rates dropped again.

 

Yep. Been going to open homes in the suburb and would say the % is 3/4 chinese.
Going to a few auctions this week in Strathfield. Less chinese but still expect circa. 40 in attendance with 5-6 registered bidders and 2-3 actual bidders.
5/70-74 The Boulevarde Strathfield NSW 2135 - Apartment for Sale #126026374 - realestate.com.au
This one passed in @ $1,020,000 a few weeks ago from memory. Was then listed for sale @ $1,150,000 with no buyers.
The vendor has changed agent for this Saturday's auction.

 

What happened ?

 

Just FYI

I think Syd is far far worse shape than even I imagined, I am not guessing either, I may elaborate at some time later down the track.....

 

Actually went to this one today 4/19 Margaret Street Strathfield NSW 2135 - Apartment for Sale #125871918 - realestate.com.au
1st time it had hit the market - bought 26 years ago. Family matriarch lived there the whole time so was put up for sale after she left for the next world.

About 50 in attendance but half of that was the family (anglo) eagerly seeing their share of the pie and the rest were asian.

From what I could confirm, 4 registered bidders with 2 real bidders: asian couple vs euro looking man (he was quite confident and used the 'bid back instantly' tactic so wouldn't shock me if he was a pro).

Bidding started @ 880k and went up in bids of 20k until it hit went on the market prior to 1mil, then went to 10/5k past 1mil.
Eventually to 2k bids until the euro guy won out @ $1,050,000.

 

Will be going to this one in 3 weeks time.

 

Did you attend any opens? auctions?
What I heard from my friends is still hot hot at just outer inner west n north west

 

I do not want too say too much atm, and it is winter, but things may be much worse than even I thought......unless you expect less interest in a one horse town that is cold ?

Was there some major, unknown to me, sporting event in nsw or Syd today ?

Anyone else been too opens today ? I been too a few, and I know there was little to no interest, 12 mths ago much difv story.

 

Perhaps geography is now coming into play. Less demand so people are being more choosy?

 

Maybe, but if any syd area goes from 20+ 18 months ago to near nothing, well, draw your own thoughts.......and before anyone asks, no, not talking about dumps, busy roads or dime a dozen units ..... frankly, I am shocked, and you know me......

Will sell still, but this party end is going to get real messy l think.

 

Question in those circumstances is; is how desperate vendors will get!

I see a lot of units on the market, because there has been a lot built recently. Not sure how much discounting is happening though. I haven't really noticed discounting just yet Imo in my area. It is something to watch for though... And I think we are at the peak of house prices here. Other parts of Sydney will behave differently.

 

Quality post...

 

Which areas? I went yesterday to a few in Parramatta, North West (Bella Vista, Baulkham Hills Winston Hills) - its not that quite. Still ALOT of interest.

My friend is actively looking in Penrith - over 15 parties at open homes there easily.

 

South West, in spot that is held quite tightly, people can think what they like about post quality, is a general observation, and frankly they do not seem to add much, just do not like any talk of what seems to be going on it would seem, it is as if not talking on a forum may alter what seems to be happening.

I know surrounds of this place had gone a bit quiet.

All I can say is demand is so weak at this point, it is a bit of a worry, esp when it is what I think is quite affordable.

Have not been in Penrith area for 6 months or so.

I can say 12 months ago the quality and presentation both in ad and physically would have had people fighting it out, and now, basically turned to a buyers market, we will see in spring what happens, there is not much stock either in this area atm.

I was looking to see if l had missed some major sporting event or something, but seems not.

 

Seeing you like to criticise my post as poor quality with yours being the grand total of 2 words, maybe you can relay what your experience of opens or as a seller was for the past 7 days ?

 

Common theme Dabbler....people don't like hearing negative stuff about Sydney...it is well documented the market is turning...people won't realise that till it hits them on the face.

The other point is there are some passive aggressive people on this site who will not call things out but will snipe in the background....cowards really. Not to worry...most of them are amateurs from an investment perspective......