NSW The Signs of Sydney Slowdown....

I am also getting price reduction and contract crashed emails for Brisbane....

is APRA doing damage across all markets or is it just Sydney we're nit picking on...

 

Well APRA doesn't care about the cities that it is causing damage on. They simply care that the credit increase doesn't increase more than 10% .....

Well Brisbane has a lot of new apartments being built right now so fundamentally the price should come down anyway. it was only the explosion of credits that keeps those Brissy OTP unit sales on track ....

 

We haven't seen signs of any signs of slowing in Brisbane . Contracts falling over in Brisbane is a normal event up there as opposed to Sydney where it isn't normal .

I have heard anecdotal evidence of this happening in Sydney ( under bidder being contacted after an auction , saying were they intersted as successful bidder had pulled out ..) .

If anything , in the last month in Brisbane I'm seeing places that have been on the market for a while now selling , properties , where we could take our time two months ago , having more than one intersted party , and properties which we don't think are that good being sold fairly quickly .

Cliff

 

There's a lot more to Brisbane than Central OTP units . The oversupply in Melbourne Central units , doesn't seem to have stopped other places in Melbourne from booming

Someone looking in Logan isn't really interested in a 2 bed unit in teneriffe for 650 etc .

Cliff

 

You are right on this Cliff. However most of the marketers in Sydney are for those Brisbane OTPs and the people who buys them are investors. Those investors are the ones who are getting worried due to the masses of units coming online over the next few months.

I was interested in some townhouses at Everton Park by Mirvac but at the end I decided against it as I would have preferred to buy houses with land.

 

Yes , but outside one OTP we bought in teneriffe two years ago , recently settled , I don't know any investors who are buying or have bought there .

I'd be curious to know what percentage of investors buy through marketers . Not many around here

My thoughts are the " investors " buying those units are probably not aware of the masses of units coming on line . For people who follow the market and are aware of what's happening , the upcoming oversupply has been talked about for a long time .

It was being discussed at the time we bought two years ago .

Cliff

 

@See Change Is that going to cost hem losing the 10% deposit or fined up to $55,000 ?

 

Don't know full story .

Cliff

 

Sydney is still powering along nicely. Over half the jobs created in Australia this month were all in NSW. At this rate the boom will continue well into 2016.

 

@2FAST4U yes, but what happens after 2016 will remains mystery.

This weekend seems the price is still going strong for house in Campbelltown area:

4 Bedrooms:
Lot 6 Lorimer Street Elderslie
Lot 7 Lorimer Street Elderslie
Price $719,000

Lot 2 Lodges Road Elderslie
Lot 3 Lodges Road Elderslie
Lot 4 Lodges Road Elderslie
Price $699,000​

1 Danthonia Street Mount Annan
Price Offers Above $769,950

13 Persoonia Close Mount Annan
Price Offers Above $789,950

7 Byrne Place Camden
Price Offers Above $969,950

12 Euroka Street Ingleburn
Price Offers Above $799,950

3 Bedrooms:
22 Keighran Mill Dr Blair Athol
Price Offers Above $499,950

6 Keira Place Ruse
Price Offers Above $499,950

2A Mongon Pl St Helens Park
Price Offers Above $569,950

8 Little Street Camden
Price Auction

38 Barry Avenue Catherine Field
Price Auction

 

Tekoz, it's not easy to be you, is it mate ☺

So it's Campbelltown now that you are focusing on?

 

@meme plecko Nah mate, not really, that's just too far for me to work in Sydney CBD area. I'm just monitoring the price of that area outside Sydney, in case I found a bargain.

 

Zzzzzz....zzzz...snooooreeee.....zzzzzz......snorreee..........zzzz

 

Its slowing in Sydney is the word I had from a local Epping based agent today.

They said the property that I went to the open for in my neighbourhood passed in at 1.98mill and it's now being advertised at 1.85mill plus.

 

Went to two auctions that passed in today. In saying that, vendor expected 70-100k over other houses on market.. One in Fairfield west and other in Cecil Hills

 

That's good, let's keep it that way.

Otherwise Sydney is unaffordable at all for the first home buyer and first investor.

 

Sydney is certainly slowing down! I returned from and Auction, only sold for 3.4m took 20 minutes to come up to market... like pulling teeth.....

 

Artarmon apartment passed in at $760k. A similar apartment in the same block sold for $860k last month. Few Asians.

 

Haha love the "few asians" comment at the end.. Could be Aussie asians

 

I meant mainlanders. I can certainly tell Asians from ABC.