Watching the Druie Drop in Slow Motion

Olympics? Infrastructure?

 

not sure...was there even such thing back then?

During 1998-2003, the house was still relatively cheap. Blacktown house median was under $150k in 1998...

job growth? employment? migration?

 

Olympics..not sure? The Sydney Olympic was in 2000, but it continued to boom to 2003...
Did this game fueled extended boom?

Will the Commonwealth Games 2018 in Brisbane would have impact on housing growth in Brisbane then?

 

I believe FHBG was introduced in 2001

 

Commonwealth Games is a cheapish event compared to Olympics

 

Just some facts on western Sydney from someone living there.


I live in western Sydney - we bought our PPOR in a family friendly suburb with lovely neighbours (They do the lawn for me when I am travelling, collect the bins, ....etc.) , 1.5 KM to M4, local shopping, 7 schools, 10 & 15 minutes to 2 Westfields, 7 minutes to express train. We came to Australia in 2010, and we bought a nice house in mid 300's in 2011, House needed some work (kitchen, flooring, paint,...etc) for 50K's cheaper, we did not have any other money to spend, so we got this one. we fixed the house year after year, it took lots of hard work, however it is evaluated at 650-700 now.

The option we had at this time is buy a house in western Sydney, or buy a unit around where my friends are around Hurstville area. We made our choice and bought the house.

Some people had this bad idea about western Sydney to a crazy extent. I remember someone asked me about a good dentist, I recommended one, and his quick answer was “This dentist is in Mt Druitt, I don’t want to get AIDS or HEB C”. Guess what, this friend is still living in a rental until now . And others purchased property after it doubled, and some bought around the new areas around Lliverpool for 750-800K, but still none of them bought in the Easters or North Suburbs as they were waiting to save more and more, but still couldn't.

Affordability is a big issue for North and East, if you don’t have big amounts of cash / Equity. So lots of skilled migrants / families on 120- to 150K income PA, are living in western Sydney at the moment, and still moving to Western Sydney.

That's my 2 cents.

Thanks
Ramez

 

Olympics offer more marketing as a benefit as well as infrastructure. .. But perhaps more marketing I'd say. Thus, lesser known cities that need a strong marketing push on a global stage will benefit more than already well known cities...
Sydney, London, Beijing, Rio etc are already well known and didn't need too much more marketing. Brisbane does. That's why they should bid and the benefits will have a higher % growth than the other more well known cities because of the games.

The gc it seems from another thread is already London and NYC put together...so I don't think they need anything at all.

 

So First Home Grant + Olympics fueled and extended Sydney last boom, while the interest rate was around 7%? are there any more people can think of? Surely those having SS Meetups in the early 2000 must be talking day in day out.
It's just too easy to make money in the last boom....

Today we have IR under 4%, migration, infrastructure, employment fundamentally still looking good in Sydney, and boom is at it's 3rd year...

 

We have a friend who bought around 2012 in Plumpton for 3/1/2 (single income family) for ~390K having saved 45K. It took them 5 years to save but saving for a house is a priority for migrants coming to Australia. The west has been the suburb for them as friends and families all reside within the area.

Who would have thought that their proximity to Marsden Park will provide them with much equity now having the house currently valued at ~620K.

I guess there is just so much demand in Sydney and a lot of people still want to live here because their work and family/friends are here. Add to that the incoming migrants every year. Sydney (and Melbourne) has always been the first choice especially for so many professionals.

 

..

Plumpton, Doonside, Woodcroft, Dean Park and some Blacktown suburbs are densely packed Philipino community... Philipine's economy is booming..be interested in this space in the years to come.

 

That's true, especially now that the peso can buy much more aud. Buying a house for people coming from developing countries is a dream come true because it is never possible back home. Ask any migrant from phils or india about this. Also, they would only buy what they can afford and not necessarily aim for inner city houses. So long as they can buy a house with good access to transport and pay down the debt, that's good enough for them.

 

I know of people in Taiwan/Hong Kong/China countries that were hiring Philippine maids, is having difficulties finding replacement, as Philippine is booming they return home as they paid more.... If they have intention to migrate to Sydney, the above suburbs are of preferred suburbs for them to settle as they like to live with their own race, and the food, church etc are are already in place...

In years to come, i feel the Philippines and India fighting turf in the Sydney West...

 

This thread name should change to 'time to hype the Druie'!!

 

Do you have children? Do you like schools around you?

 

Doubt it was the olympics or fhog...
More likely people heard property doubles every 7 to 10 years and felt compelled to pay more/ align with the rules

Or maybe Population and wage growf?

 

I think Melbourne has a better chance to host the next Olympics in Australia than Brisbane ......

 

Yes that's generally true..

 

169 Captain Cook Drive Willmot NSW 2770 - Residential Land for Sale #201591590 - realestate.com.au
even 575m2 land next to a housing commission pocket of Willmot is selling of low $300k.

are we any closer in seeing houses in the 280k?

maybe a fire damaged home? but Birch's students would snap them in no time.

 

I know it's a long way out, but is that a good price for the area?
Seems like someone on a below average income could afford to build on that.

 

These days I don't really know what's good value in Sydney anymore..