Watching the Druie Drop in Slow Motion

Agree with Devank. I see a lot of first home buyers with reasonable equity (30-40%) in Doonside, Blacktown, St Clair etc Last correction caused approx 20% drop in price in the Blacktown/ Penrith region. Prices have run really hard in Baulkham hills and Castle hills too.

That said new industrial parks, service based industries has definitely created opportunities in the region. Also new construction projects such as M9, Northwest rail link, Badgery's Creek airport and development around Schofields will provide further employment opportunities.

 

OK Sash, you got me. I own a property in the Druitt. But it's OK, I'm used to negativity. Actually it started at school, in infants when the teacher told me blah blah blah.......zzzzzzz.

 

From what I hear you da man...the Druid of Druie....take no notice of me its all a cruel joke invented by greedy specufesters from the North Shore.

On a more serious note....just a normal part of the cycle...I had to make a decision whether to keep a property bought for 263k...couple of months ago it had a 5 in front...now it is more like 470k and dropping. Such is life...

I hear you about school..I was number 57 out of a class of 67...never was a good listener either..much to the disappointment of my teachers....

 

oh you got me Sash... oh wait I don't have any properties in Druie in this cycle, oops not even in the last or last or last cycle. wtf am I doing a comprehensive analysis for anyway, sigh

life is beautiful isn't it? I always believe my property only had a 1 in front, but failed to believe it didn't have an extra 0 in the end

 

Just called a couple of agents in the Druie....interest has definitely dropped. They used to get 15-25 people at an open about 2-3 months ago. Now it is 3-5 people.

The agents are also saying that the investors have largely disappeared. One agent also says that he expects prices to drop into the high 3 medians over the next year or so.

 

It must true then. I mean, if an agent said so....

 

If you call 5 agents and most confirm the same thing..then where there is smoke there is fire. I take it you own in the Druie?? Have a look at this one....on the market at $299k....low strata fees...and not too bad. If that sells for 280k...then that becomes the new comparision......

http://www.realestate.com.au/property-unit-nsw-mount+druitt-121044390

 

How does one sale become the new comparison? and it's on the market for offers over $299k.

Sale one month ago similar complex, same street: http://www.realestate.com.au/property-unit-nsw-mount+druitt-120174101 sold for $335K. This one sold a week ago for $343K http://www.realestate.com.au/property-unit-nsw-mount+druitt-120571429

Did something happen in a week to expect a 55K drop to 280k?

 

No I dont own in the Druie but I have one in Kingswood. I really cannot see the price drops that you are expecting. There are just too many factors that make this part of Sydney strong such as transport, shopping, roads and PRICE. I mean, even that property you posted in this market would be a viable purchase for an investor or young person at 300k. This is undoubtedly the peak, but it will not drop to the levels you are quoting.

 

@sash I think you are gearing up to go on a spending spree in the Druie and all this is to keep all the competition away

 

This is how the market works...as the prices drop when sold...each one sets the new benchmark ..till it stabilises at some point. The downward cycle is just beginning.

OK...lets wait and see. Remember that you could have picked up units as low as 140k in Kingswood about 5-7 years ago. So now they are low 3s....I can see low 2s again sometime in the future.

The trouble is no one seems to believe me about the prices I am quoting in another 2-3 years....so yes there will be no competition.

 

I will be watching druie from now.

 

Sash .

I believe you . Now , remember , the blue one is for sleeping , and the little white one ... That's three times a day and it keeps the voices quiet ...

But seriously , I do .

Cliff

 

Check it every six months , or just check this thread one a week .

Cliff

 

Now now Cliffy ....you know self prescribing medication is a no no....

On a more serious note...it will be more interesting in Sydney over the next 6 months....I can smell the fear in the air....

 

LOL! He's not self prescribing.....he's prescribing for you.

 

@sash.....You are exaggerating again. Two bedders in Kingswood were around $180k - $190k 5-7 years ago. If they were $140k I would have scooped up a whole heap of them.

 

This is an interesting thread, lots of lively discussion.

We should revisit this thread in 6 months and see what happens.

MTR

 

Check it once a day; the rate it going to drop is newsworthy on a daily basis.

 

Skater , where was that one you picked up for 150 and recently sold for 300 . Watch. And you might be able to pick it up again ....

Cliff