Will property prices fall? When? And by how much?

Like everyone says, you don’t go broke taking a profit, but it hurts the ego a little bit knowing that you didn’t quite get it right

 

And not to buy right now is what my common sense keeps reminding me, but if the right property at a great price pops up I think I will. It's a constant fight with myself.

 

I'm not convinced we will see falls in those premium areas- the boom (in Sydney at least) has meant that prices are high across the board- so that the price differential between a blue chip suburb and non-chip suburb has shrunk substantially. I saw in the news today that a 200m2 penthosue apartment in Parramatta sold for $3.2m- you can buy a pretty decent terrace in Sydney's eastern suburbs for this price or less, which makes the blue chips a safer bet (IMHO)

 

classic!!

 

Even if rates go up 100 b points? It's sure to put a lot of pressure on households. Maybe that will be enough to start the downward cycle

 

Price falls in Melbourne would be in premium suburbs etc. when it starts to go over a mil+, the market becomes smaller.

I have seen like units go for 1.4 million in auction and then go back to 990K in another it is a damn roller coaster ride in those suburbs. Not much diff in terms of location more so it is in the zone with same bed bath configurations land size (and in the correct school zone)

 

Thats the starting price for a "renovators delight" 40KM out of Sydney.

 

I think 100bpts would put many households and even more investors - especially those being forced to migrate to P&I sometime soon , under quite a bit of pressure.

 

I'm hoping 50bpts makes a difference and happens soon. I'd be happy with the market stagnating for a longer period or even dropping a little.

 

You and I both. Especially the 2.5-3.5 Mil PPOR range that I'm considering upgrading to I'd like nothing more than a lazy 20-30% correction in that category

 

2.5-3.5m ppor, just remembered you're in Sydney. Was picturing a dream mansion on acerage.

 

That would require 5 Million + in Sydney

6 sedger road Kenthurst NSW 2156 - House for Sale #122180538 - realestate.com.au

16 Lancewood Road Dural NSW 2158 - House for Sale #124238942 - realestate.com.au

654 Old Northern Road Dural NSW 2158 - House for Sale #124185582 - realestate.com.au

2 Aston Road Kenthurst NSW 2156 - House for Sale #123871842 - realestate.com.au

2.5 - 3.5 Million - the price range I have been looking at , gets you an above average / nice 4 or 5 bedroom home with pool in the leafy north west in areas such as Castle Hill, West Pennant Hills ...

23 Chiltern Crescent Castle Hill NSW 2154 - House for Sale #124185574 - realestate.com.au

West Pennant Hills address available on request - House for Sale #124190854 - realestate.com.au

9 Carnarvon Avenue, Glenhaven, NSW 2156 - View Sold History & Research Property Values - realestate.com.au


So a 20 - 30% correction in these parts of Sydney would be most welcome

 

My sister's got a great place in Castle Hill... more than doubled since they bought in 2012. It was like 500k was added to the value nearly overnight.

 

I don't mind Castle Hill as I am pretty much a local here ha ha, but for what you pay for a house in Castle Hill, I personally would consider other suburbs. Yes, there is the trainline and etc, but still....