Watching the Druie Drop in Slow Motion

Yeah, some places are still going pretty crazy.
Wouldn't even be a decent deposit for some of those areas.

 

Almost a year now Sash . Lets see how it's tracking

Current 64 houses listed for sale 500 or under K and 56 at 500 or over and 4 at 500 K .

Quickly checking the median prices on REA.com with the exception of BIDWILL and Willnot , all the other suburbs have a higher median price now compared with a year ago .

So it seems part one " I reckon we will see price adjust to 400-440k within the next 6 months " is out the window .

Cliff

 

Here is 2770 growth chart for past 12 months. Definitely come off the boil, though the 400-440k prediction was a bit low

 

Until rates rise and talk disappears of more cuts, it will stay up, but when it turns, well most areas will pull back.

Like Dave says, many agents out West are saying it has cooled off, but there is still enough people willing to spend and push prices. It is like the hair of the dog ATM.

Will this be the last spring of good growth ?

 

Is that August sales figure up to date? Surely an anomaly if it is...or is it sold properties yet to settle...

Meanwhile in Mount Druitt - I wonder why FHB's are complaining about affordability

 

NSW Price Finder data lags approx 2.5 months.

 

I would love to buy a house in Druiey for $400-$440k! How much longer will I have to wait

 

But... this is what I see, October 2016, a year since the original post. Mount Druitt's home median is at 600k. So if you get the the Druitt area so wrong, we can't trust an inch of what you say about the Chinese, can we?

 

Druie is a great example of unaffordability in RE... The Druie is thr king of all struggle streets and most would very strongly not prefer to live there (no offence @datto)
Yet.. Its median is 600k.
Needless to say, something is messed up with Australian (especially Sydney) RE prices.

 

I spent 5 minutes on real estate.com just looking at the asking prices and sold prices of Mount Druitt houses and units. You've got old 2 bedroom apartments being sold for high 300s/low 400s. It's ridiculous.

You can pick up freestanding houses in Melbourne <20km for the CBD for those prices in equivalent low socio-economic suburbs, such as Broadmeadows. In Elizabeth (Adelaide) you can pick up houses for 200k. In Logan (Brisbane) you can pick up houses for 250-300k in Browns Plains etc. These are all equivalent suburbs to Mount Druitt but instead of being 50km from the CBD these suburbs are all within 25km. Yet in Mount Druitt it costs 600k for a freestanding house and you're twice the distance to the CBD...

You go on facebook and read any article about housing affordability or any news article with comments and if you dare suggest people move to where they can afford you get howled down. By relocating I don't mean out west to Blacktown I mean interstate. Sydney is a city for high income earners. The sooner people realise that the sooner they should save up enough of a buffer to get out and move interstate. Yet they don't. They'd rather whinge about how expensive housing is all while working a generic job (admin, retail, in a call centre etc.) and act like Sydney is the only place in Australia where there is employment. Good for Sydney land lords though.

 

Can we clarify "mt druitt" first

If you punch in "mt druitt" you get a median of 600k. If you search the greater mt druitt area - lethbridge park, whalan, shalvey etc the median is around 440-480k. And when i hear "mt druitt" it's the greater area and from the conversation it includes the mt druitt area.

 

Yep. Still don't think Mount Druitt's suburbs would be anywhere like @sash claims with a 350k median for houses... I did the search on Mount Druitt because this report will only run for 1 suburb at a time and I don't care to the extent of going through and doing it for each suburb....

 

Well then it isn't adding much value then.

If you look back people were expecting syd to have peaked by now along with the "druie dropping". It may be a situation that the drop is also delayed

As it is i think 350 may be a bit low but time will tell i guess...much like the syd peak that was expected to have come and gone by now

 

Sash did opine it's over 2 years. We'll just have to watch how things unfold in Sydney. The apartment glut is concerning. I know there are developers still buying up in your area @Gockie for development. There's already sign of decline in my area...

 

I think whatever happens, 600k in Mount Druitt is still a heck of a lot. But it has great roads nearby and the train line. That makes it attractive. And everything else closer in is simply expensive. Land is simply really lacking in Sydney. And new estates in Sydney are very expensive and very far out, unlike Melbourne. It makes the existing really worth a second look.

 

Still. 280-350k by 2019 for freestanding houses? I am very doubtful.

 

I don't have a number in mind. Not an Oracle.

 

But 600k is obviously what people are willing to pay. The surrounding areas of my druitt aren't as high
The "mt druitt" you're searching is the cbd area where it's likely developers are helping to drive up prices for the land.

 

Apparently that opinion is so wrong. I don't see that will happen with the factors of undersupply of houses, good economy and population growth in Sydney

Saying that, Sash has made equal or more good predictions on other posts. and he is knowledgeable and has many informational posts. And I bet people will learn from mistakes

 

The houses in the crappy suburbs of the Druitt are edging towards 500K a nd there is bugger all stock on the market.

Watch them hit 600K. Sash eat your heart out!