NSW When to buy in Sydney again

Not sure of your point but I was pointing out that the market says interest rates are going up next year.

I find more comfort in a market with billions of dollars at stake than the opinion of a property website when it comes to interest rates.

How are you making money in Sydney in a falling market?

 

Hmmm nah I think it will decline at least 25% from peak. Got a neighbour who paid 1.7 for a 3 bedder in Glebe 6 months ago. They have just realised a better one round the corner sold for 1.55mn.

Not a good feeling

 

Another better one passed in at 1.6mn yesterday also.. salt in the recent purchaser's wounds.

 

When to buy in Sydney again - when the majority of people on property chat agree there is not much hope left for Sydney property prices rising soon.

 

for those looking to upgrade/buy a PPOR.. any insights ?

 

Throw around heavy discounts when you make offers and you might grab a desperate seller... very few buyers around at the moment with some exceptions.... and be prepared to wait 6-18 months. Market is only going to go down in short term.

 

I bought a PPR in Sydney the other week (Balmain 3 bed terrace).

For me it wasn't really an investment decision, but I justified my purchase by:
1. holding a 10-15 year view (planning on having kids soon),
2. great lifestyle and close to work in CBD,
3. low mortgage,
4. zero strata, and
5. I sold a few Sydney properties in recent months (so I am 'selling high' and 'buying high').

Probably wouldn't rush to buy another place in Sydney. Plan on smashing non-deductible debt then buying more interstate and building up shares.

 

I'm interested in your avatar @bookworm . I once knew a bookworm and I wonder if you are him?

 

Based on my on the ground experience around Rozelle, Lilyfield, Leichardt, Annandale and Balmain there are definitely less buyers. The heat is out of the market but vendors are still in 2016. Good quality stock is being snapped up and sometimes above reserve. It appears that secondary stuff (e.g. dog boxes on main roads, run down houses near govt housing) is not moving without decent discounts. I don't buy the theory of mega drops in the really desirable blue chip suburbs. I just can't see Bondi, Lavender Bay, Paddington, Mosman, Cammeray, Balmain tanking 50%.

 

I'd agree with this. There will always be a solid market for quality properties in these areas, and rarely a desperate seller. Congrats

 

You don't have to see it, the average stock in those areas - it won't happen. Some people are hopers, dreamers, wishers, yearners, cravers, demanders.....but (of those areas) will never be buyers.

 

Yep its like a mexican stand-off at the moment.

Vendors (and some on here) think this is merely a blip in the road and price growth will come roaring back.

Other vendors are now joining the crowd. hence listings increasing, but sales volumes being half of what they were 12 months ago.

Now that buyers have wised up to the potential prolonged downturn there will probably be a big move one way or the other in next 6 months...

At the end of the day, prices have decreased in Sydney for the last 6 months and nothing prompts action like losing money, or even losing paper money. If you are a buyer, why wouldn't you wait till next year and save yourself 50-150K?

 

Do you mind revealing where the ones you sold were? Have been contemplating doing the same thing ie sell a few to buy a better PPOR. Keyword here is contemplating....still of the mind not to sell.

 

West Pennant Hills
Homebush West

 

If they were houses I'd imagine the decision to sell was somewhat difficult given the near impossibility to reenter that market if prices remain where they are.

 

i am thinking the same thing too. within 12 months if i see something i like.. im not actively looking but will buy if the right one comes up..i need the extra bedrooms. and car space.. hmmm time to set up alerts !

 

I wasnt looking when I bought my PPOR....

 

HBW = walk up unit.
WPH = house. Nice tax free profit as PPR. Lovely area but no intention to re-enter that market. I thought I would give the burbs a crack, but it wasn't for me so i'm back to the inner city.

 

There's probably a lot of bookworms on this forum so can't be sure!

 

Congrats - great spot! Can I ask do you believe you got a discount compared to 6 months ago?