What will stop the BOOM in Sydney and Melbourne

How would you like this beauty for $1.6million

43 Waterloo Street, Surry Hills
43 Waterloo Street, Surry Hills NSW 2010 - House For Sale - 2013874802

 

I will like it even better for $1.4mn early next year

 

The funniest bit is at the bottom:
"First listed on 22 September, this house has been on Domain for 30 days. It was last sold in 2017 and 24 similar properties to this have recently been sold in Surry Hills."
I didn't know Surry Hills was that bad...

 

Lol

 

Have a friend who is currently trying to sell a house in North Shore, had an offer prior to placing it on the market a 4 months ago, agent recommended she not take this.
Currently been on the market and now no interest, she is convinced the market has softened, now that is coming from the horses mouth.

 

Did you miss the bit in red - Sold on 26 September?

 

Do try to read beyond the first full stop and all will be revealed...

 

You were replying to DTB who thought he will continue to see it listed, and the price will drop to $1.4m next year.

 

So why didn't you reply to him?

 

Nope I believe it or something similar will be relisted with lower price.

Failed developments can offer great value to buy mid reno

 

Interesting sign of the times, investors paying too much for DA sites and not understanding the numbers, easiest way to lose money.

VIC - Melbourne Rezoned - ACZs, NEICs, RGZs GRZs etc

 

I don't think I paid to much anything in the ACZ RGZ zone is better geared to give higher returns as they are higher density. (this is diff to a mining boom )

 

Saw this one line in regards to Sydney @DowntownBlock
Sydney house prices take a dip as sellers cut prices | Daily Mail Online

 

Not referring to you? I am pretty sure you know what you are doing

 

Back to Geelong - I certainly think it's a great entry point with heaps of potential growth. You can still buy houses on land (500msq + ) where the rent covers the mortgage repayment even on a 20% deposit (or at least very close to). Bacchus Marsh and Melton are also fantastic places for growth - still easy access to the city. One of my landlords settled in March, a $316k 4 bed, 2 bath fully renovaited home on 600msq rental $1434pcm. Already the market has added $20k to their property valuation!

 

Went to a crazy auction on the weekend. 5-6 bidders, mainly Chinese and one western bidder...

Shows that in the luxury niche markets, you can still make considerable profits if you do your due diligence and build what the locals want. The block was bought for 1.8M in 2014 and the build cost was roughly 1.3-1.4M.

Strathfield stunner sells for $6.6m

 

as they say in those chinese suburbs like Doncaster, Balwyn etc once the mainland chinese bidders (esp 富二代) comes in - it's sort of game over most of the time.

 

The bidders were all in the 50 early 60s age range this time, but I did see many wealthy second generations mainland chinese with their parents at other auctions in the 4+ range.

I rememer when they literally blew up in Burwood, overpaying big time by 30% more than market value two years ago, and recently the momentum shifted to the Ryde/Eastwood area. 6 months ago, I could still find knock down rebuild blocks for 1.6M in Ryde, now they are all selling in the 1.8-2.1 vicinity. Many established homes which don't fit the chinese appeal are passing in for negotiation, but good land is still fought for

 

Sydney - affordability crunch and APRA will stop the boom

Is Sydney’s property boom over?

 

Is Melbourne approaching peak??? According to this article Herron Todd, some burbs still to go strong....

Melbourne market approaching peak