The garbage may be about to hit the fan in Sydney

Its funny the so called pros of this site aint pros and the so called amateurs of this site aint amateurs.

Been talking and reading alot on this site - some absolute ******** happening with people having no idea what they are talking about.

Everyone on here you definitely need to DYOR. lol

 

Why can't you elaborate now?

 

It may not be accurate for one.

 

When has that ever stopped anyone?

 

Doing your own research goes without saying.

No one needs to be any sort of expert to relay experience, and I do not think many people will understand all the finance change effects till it is well and truly obvious, I also do not claim to know exactly how it will play out, but I do pay attention to what I see.

What did you actually see and what area approx over last week or so ?

 

Well, I am talking about what I see and in a specific area, however, I believe changes in markets are like spreading of colds, so if one part of Syd has a dramatic change, it is likely to go to other areas, will see what happens over next few weeks.

 

This is the garbage that may be hitting Sydney...
128 Stephen Street Blacktown NSW 2148 - House for Sale #125847982 - realestate.com.au
sold for 950K this weekend? R2 560m2 lot, no granny flat. It's close to Lalor Park, but still has a Blacktown address..
not sure it's out of line purchase? error by buyer? not sure.

 

What I am wondering, from some posts, is do people really think Sydney's market was going to just continue on, and on, and on ?

 

Did you go to the open ?

Did it go to auction or sell prior, at first, second etc open ?

 

Shanghai Housing Prices Completely Unsustainable

Prices are 50 times median income...Now I'm not suggesting that Sydney prices will come to those levels but what is becoming increasingly clear is that Sydney is for the rich and anyone who isn't on a good income faces deteriorating living standards.

 

nope, I didn't go. its too cold to go out in Sydney
source tells me it got sold at auction on Sat

Auction Result for 128 Stephen St, Blacktown NSW 2148 2148 Australia - AuHousePrices.Com

 

2 things

Yes, long term, I think Syd is like SF, or Los Angeles etc.

This whole thread and recent comment is about this cycle, and the last posts about my seeing a very large drop.

Clearly 2 different things, maybe that is why so many have trouble with these threads ?

 

With all due respect, this means nothing, to see changes in demand and markets means you need to be jolly on the spot, you can always find things that defy the trend, not saying that is the case in that market, but if I look, I can also post results that alone would make market I am talking of look hot, but it clearly is not.

 

Sydney has much more Chinese influence and is already more expensive than Los Angeles

 

I am not sure what your point is ? that all of Sydney is still going up ?

PS I did not see even one mainland or other Chinese person on the weekend at any open, I did 12 months ago. Not even a new aussie Chinese.....

 

House prices tend to be sticky as vendors aren't willing to sell for less than they think that the place is worth.

In London, I think that just under 40% of property coming onto the market is actually selling. The rest is just sitting there, or being quietly withdrawn. The economy has slowed with the uncertainty over Brexit, and that's affecting the real estate market.

My guess is that you'll see something similar in Sydney. Properties will just hang around for a while, and not sell. If there's some sort of shock, be it rising interest rates, a recession, or another financial crisis, you might to see falls as the number of distressed sellers rise.

 

This is very similar to what will pan out in Sydney.....the real tipping point is jobs...lots of restructuring in Sydney........when job losses happens..it should get interesting....

 

The you should know very well that Brisbane has moved very little...in the last couple of years...Melbourne has out done it a couple if times over....

Don't get me wrong...the growth will come.....but a lot of people including myself bet Brisbane would perform......but interestingly Melbourne/Geelong are still growing at serious pace.

 

I have properties I bought 3 years ago that have moved 50%, not including once developed the REAL return will be even more. Don't get me wrong I know Sydney and Melb have done even better, which is why I have bought in those market too. But to ignore the suburbs that have done and are doing very well in Brisbane is just ignorance of what is really happening in quite a few markets there.

 

Agree with you @Graeme! If owners who arent desperate to sell can't get the offer they want, they will let it hang around for sale longer, withdraw it from sale or perhaps keep it and rent it out.

In a forced sale situation, you will see cheaper prices. Imo the proportion of forced sales atm isn't high enough to be noticeable as yet, though I suppose it could vary in different parts of the city.