When will Sydney property market going to crash ?

saw this online

Sydney house prices take a dip as sellers cut prices | Daily Mail Online

 

I guess if my listed sale price is $10 million I can ford to slash half a million.

 

if you read the article "
One five-bedroom house at 41 The Parade in Russell Lea is currently listed for $2.8 million which is $550,000 lower than the initial asking price of $3.35 million"

thats more than 15% reduction over your succestion which is 5%.

pretty significant difference

 

Suburb median is $2.35million so $3.3million may have been a bit over the top?

Even In Sydney buyers for $3.5million dollar properties are not everywhere

 

What I'm trying to say is I can always come up with a ridiculous initial price and then reduce it, it doesn't mean my initial price is justified, not necessarily.

 

well its sydney.. since when prices has been justify-able ? haha

 

Correct.

 

that's incorrect comparison

2.35M for all houses. If you break it down by number of bedrooms:
2br: 1.24M
3br: 2.2M
4br: 2.9M
5br: no data, but it is in 3.3-3.6 range

so initial price 3.3M for 5br house is not over the top at all... and listed 2.8 now is below the median price for 4br house!

 

Yes, sydney has usually been expnsive relative to income...
however, the question would not be is it justifyable; rather is there more money to be made in the next 5-10 years at least in other alternative real estate markets.

 

I posted this yesterday, its comprehensive and worth reading IMO

QBE Australian Housing Outlook 2017-2020 | QBE

 

that's very true. Infrastructure investments that do not result in longer term productivity are not really beneficial to the economy long term wise. The public transport upgrades would be good for the economy though.

 

Fast forward 5 years and....

I was bang on .

It's hilarious reading the doom and gloomers in this thread. Some well known posters also attacking others who ended up being dead wrong too. Deader than a 1000 year old corpse.

 

Just sayin

 

Absolutely....despite Sydney growing now people don't realise or conveniently forget Sydney fell 15% over 2017/2019 had Labor won it would have been even more so. Covid was a black swan.....I am still of the opinion there are better markets. Don't get me wrong I did not exit Sydney and NSW and some of my places have grown significantly. Interestingly the people pushing Sydney had more in Brisbane for over 8 years...and is only growing now. I spend my eggs in markets over 60% of my portfolio was in Sydney.. Melbourne....Geelong...central coast ...Newcastle...and Wollongong. No point telling the world Sydney is growing when most of your portfolio sits in Brisbane. Personal opinion it is now Brisbane's...Adelaide.. Perth's time to shine. Numbers show it... Will be watching what happens to Sydney and Melbourne though I am unlikely to divest out of there. Having said that if previous cycles are an indication Sydney could come off and stay dormant for a while.. similar with Melbourne. Let's see...we have a $1 trillion in debt....at some point the music will stop.. I am a strong proponent of taking money off the table...hard lesson learnt in Perth.. though now it looks rosy as Perth is about to go through an even bigger cycle in the next 5 years..

 

Another blast from the past. And some now banned users.

 

This too, will pass.

 

Once Covid passes or at least eases I think the market will soften as people's priorities will change. Distance from the city will be important again once workers have to resume commuting and a big house will be less of a necessity. People will choose travel and fashion and dining/partying over having deposit funds available. I can see satellite suburbs or those in Sydney with difficult city commutes to be the first to slide.

 

Units, even ones next to transport, have been flat for a couple of years. And the rental market is terrible for investors.

but, if or when students and tourists come back, and the new stuff is absorbed…..

 

You should consider a role in high office if you could work out there would be all the stimulus due to a pandemic, well called ! Although I am unsure of what you called exactly, I thought it was just saying that there are diff markets within Syd itself.

I call it inflation, lot of places outside of Syd that no one would normally touch with a barge pole have doubled in price & sell straight away.

There may even be more demand in Syd if covid is over and immigration starts up and stock is low.....

 

When the worst places in town double in value and people scramble to buy, you know something is up