NSW Watching the Druie Drop in Slow Motion (2018)

Thats quite funny. Its literally 5 mins away from each other though

 

Exactly...Asians and Indians are very focused on schools and the people in that environment.

Let me ask the question how many selective schools or good schools out there?

The good ones are in Penrith (Penrith High)...Bauklham Hills High...news to me if they are in that catchment....again people talking through their noses.

The other pet peeve is people who keep banign' on about why Mt Druitt won't fall some already posed a media of $731k for Mt Druid...if that was me and I lived there I would run to sell and rent... as I said Mt Druitt is not an aspirational area.

Once prices come off...people will go back to better suburbs and it will be hard to sell in the Druie. If the median in better suburb like Greystanes/Girraween drops back to say 750k. form the current 830-900..who would people not move there instead....that cascading affect is going to be felt everyone as the market rebalances.

I have already posted one example where a place in Castle Hill on 1200 sqm sold for 1.075m....

Lets have this convo in about 18 months.....

 

Weekly income $596. Monthly mortgage repayments $1700 per month (microburbs). Meaning about 66% of income goes on mortgage repayments with current interest rates. Yeah. Must be hard.

Quacker Hill is 54% to compare. Baulkam Hills is 50%. So obviously there is more scope to absorb interest hikes.

 

Good question @Noobieboy. As a one-off, I've looked up the median prices of these areas for you, using Louis Christopher's data at sqmresearch. Please bear in mind that this information is largely indicative only as per his disclaimers etc, and probably a few weeks behind sales etc.
Median prices in Lalor Park are $773.6K for all houses, $743.2K for 3 bedders. $582.4K - $658.8K for units.
Quakers Hill similarly priced at $789.9 for all houses and $740.9K for 3 bedders. Units in a similar ball park as Lalor Park.
Kings Park a little lower at $748.5K for all house, $713.9 for 3 bedders. Units $527.1K for all and $483.3 for 2 bedders.
In summary, $713.9K - $743.2K for a 3 bed house in these areas. Not too bad at all. These are also affordable areas.

Now look at Mt Druitt. $569.5K for all houses. $550.3K for a 3 bedder.
$412.5K for all units, $399.2K for 2 bedders.

Comparing medians of 3 bed houses will leave change of around $165 -190K.

Now there's also stock on market to consider. Yes, the areas you mentioned are much more established and better presented. I remember the early 90's when the young couple at work first bought out in Lalor Park where there are currently approx. 144 places of residence on the market.
In Mt Druitt there are 283. Where do you think you'll get most bang for your buck?

But I'm not an expert on the area and I'm certainly not claiming to be. Just saying that looking at the numbers and the situation as it is is more likely to lead to success than listening to other people's 'opinions'.
I hope this has helped you with further research.

 

To not know the difference between Minchinbury and wilmot / Letho / Bidwill just shows that you don’t know what you’re talking about .

Cliff

 

How much difference can there be - I was there over the weekend looking at my investment because the Fan broke. I know EXACTLY what they are like.

 

Sash, once AGAIN you have been banging onto this for already well over 12 months reading your past posts. 12 months ago you said lets wait 18 months and lets see. That obviously didn't happen.

Now your saying another 18 months. You really are a fool. Keep extending your time frames for your predictions mate. It will EVENTUALLY come true one day. Absolute joke.

 

You realize this is property right?

You realize it does not pop overnight like Crypto right?

You realise the post was made in Oct 2015......and at that point Sydney did stop...but then the govt lowered rates? You know that right? You realize that.Sydney grew beyond its natural cycle....right...

The down turn began last year...so that means it takes about 2 years for prices to come off. They are coming off but to show up in stats etc it will take 12 months...you get that...right?

I realize you are young...but take it from me ..there will be more twists and turns....in 2019...all will be revealed....dems how property works.

It DOES not move wildly on computer screens like Crypto or shares.......

 

Either your data is wrong or mine is.
Are you sure you are looking at family income?

This is from my previous post.Did you look at my post a few before yours?


Suburb average
Looking at data average mortgage is is $1700 per months $395 per week.
Mount druitt Suburb Profile & Demographics | propertyDATA.com.au


So new Druitters are paying $650 per week in mortgage but the average is $395

Hardly a lot of stress

Family income average is $1099 per week.

A very affordable area.

 

@Noobieboy
If looking at Australian Bureau of statistics data.
Picture is even better for Druitt
Mount Druitt
Median weekly household income $1,268 Monthly x4.3 $5452
Median monthly mortgage repayments $1,733

32% of family income goes to servicing loan

http://www.censusdata.abs.gov.au/census_services/getproduct/census/2016/quickstat/SSC12756

 

Awesome

 

Awesome post!

 

Sheese , you know nothing ...

Most of old Mt Druitt was developed in the 60's as Dept of housing , Minchinbury was a private development , around 20 - 30 years later .

Just a minor difference ....

Different people , different properties .

Cliff

 

In the 60s?? LOL I'm sure nothing has change since then. Its almost 2020!!!!! WTF Seriously. You stigmatise the entire population of the area. Mate there are very very good ppl there and very highly educated hard working people that contribute to society there. Its been over 50 years since then and dramatic changes.

Get off your high horse. You or nobody else is better than anyone else living in Mt Druitt.

 

They won't. They'd be the hole in the doughnut if they didn't have all that hot air.

 

IMO Mt Druitt is not a very good place to live in right now. Demographics are not good. But the location is very good. It has a train station. Great Western Highway and M4 are very close. M7 is not too far away. I see the prices going up in a few years due to immigrants coming in. Not many places where you can get a house for 700 something with good train/road connectivity.

 

sigh ....

 

I'll be willing to bet FHB's continue to invest in the west for the next 6 months to drive prices further up. Once it gets to high 700s and low 800s it will cool because by then the gap between 45km and 30km from the city is not so large especially if houses 1.5 millie and up continue to decline or plateau out.

Home loan values lift 2.3 per cent in November, boosted by first home buyers

 

Let me get this straight...people will pay 800k for places 50 klms out huh?

So ....what kind people would be earning that to afford that? Middle class semi-professionals or professional right? Why because you would need 80-100k deposit to get in ..at that rate....

Do you think those people would live in those Druie suburbs you think about?

 

Hey @euro73 can you please give us a run down how much a couple would need to make to afford a 800k home......if they are first home buyers. You might also want to convey how you lose govt benefits when you go over I believe 650k.......