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Will the Sydney median house price reach $1 million by the end of 2015?

Discussion in 'Property Market Economics' started by Shadow, 25th Jun, 2015.

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Will the Sydney median house price hit $1 million this year?

  1. Yes

    47 vote(s)
    85.5%
  2. No

    8 vote(s)
    14.5%
  1. Shadow

    Shadow Well-Known Member

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    I posted a poll on Somersoft last September asking if the Sydney median house price would reach $1 million in 2015, as measured by the Residex index.

    That poll is here... Will The Sydney median house price reach $1 million by the end of 2015 (Somersoft Poll)

    At that time, the median house price according to Residex was $840K. Most people voted 'no'.

    Today the May 2015 Residex figures were released... http://blog.residex.com.au/2015/06/24/market-update/

    The Sydney median house price is now $961,000 with another seven months of 2015 to go.

    I wonder if the general opinion has changed?

    Do most people now believe Sydney house prices will reach $1 million this year, as measured by Residex?
     
  2. JDP1

    JDP1 Well-Known Member

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    By the end of the yr, Sydney will be 1.1 to 1.2 Mil range, factoring in 2 more IR cuts
     
  3. charlie72

    charlie72 Member

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    Voted yes last time and voted yes again. I was surprised how many voted no on the Somersoft poll. I guess it's still not there so she's not entirely in the bag yet. I think some were confused as to house price or dwelling price.
     
  4. Kael

    Kael Well-Known Member

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    Voted yes again. I like what JDP1 said about it going to 1.1 to 1.2 million.
     
  5. York

    York Finance Broker Business Member

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    Do you really think the IR will go to 1.5%?
    I think the APRA's new regulations will impact a lot of investment activity let alone first home owners. Especially those who's situations are tight. I've seen 2 people already in the last couple months rejected on the basis of low income and these people have huge amounts of equity.
     
  6. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    I voted yes and yes. I can think of 2 reasons for the high percentage of nos last time:

    1. Some of the no voters werent on the ground in Sydney, or if they were, were in parts of Sydney where the boom was slowing down. (I bought in October... the market really did slow down in places. Snagged a good buy) :)

    2. When the previous poll started, the latest round of interest rates cuts hadnt come through. Interest rate cut --> more momentum.
     
  7. Shadow

    Shadow Well-Known Member

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    monalisa, Gingin and wombat777 like this.
  8. Depreciator

    Depreciator Moderator Staff Member

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    Yes, we will need to brace ourselves for a week of 'woe is me' stories in the media.

    Scott
     
  9. Pistonbroke

    Pistonbroke Well-Known Member

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    I'll start...

    I will never be able to afford ANOTHER house in Sydney.
     
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  10. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    Whoo hoo!! Made it with 5 months still up our back pocket. Now will it still be over 1m at 31 Dec 2015? I vote yes.
     
    monalisa likes this.
  11. Shadow

    Shadow Well-Known Member

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    A Sydney median house price above $1 million by 2015 is something that nobody could have predicted eight years ago when the median was down around $500K. :D
     
    Bran, Gingin, Kael and 2 others like this.
  12. Natedog

    Natedog Well-Known Member

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    It makes everywhere else in Oz look cheap in comparison doesn't it
     
  13. meme plecko

    meme plecko Well-Known Member

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    I thought the gap between Brisbane and Adelaide would be more than 10k for houses
     
  14. meme plecko

    meme plecko Well-Known Member

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    @Shadow, more posts from you please, love your stats and graphs
     
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  15. See Change

    See Change Timing Lord Premium Member

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    I voted no last year , but was uncertain purely due to the timing .

    I'd disagree re 8 years ago . Having the house my parents first purchased for 25 k , now be worth somewhere north of 3 mill , it's easy to know what can happen .

    The issue is when .

    At some stage Sydney will reach 2 mill median . The question is when . Certainly not for a few years . At some stage it will reach 10 mill , unlikely in my life time , but certainly within my kids life time .

    Cliff
     
  16. chylld

    chylld Well-Known Member

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  17. MichaelW

    MichaelW Well-Known Member

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    skater likes this.
  18. blackenator

    blackenator Well-Known Member

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    Good news for people already in the Sydney Market bad news for those first home buyers. Something will have to give eventually salaries are not increasing and Australia as economics goes not doing so well. The Sydney market has shown its resiliency through the GFC and even now with the decline in iron ore and China's share market busting. Sydney is truly a one of a kind area for property prices
     
    Tekoz likes this.
  19. chylld

    chylld Well-Known Member

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    Median $900k... meh
    Median $950k... meh
    Median $999k... meh
    Median $1006k OMG GOOD NEWS BAD NEWS SUDDEN CHANGE OMG

    Moral of the story: relax, it's not at $1.007m yet.
     
    Gockie likes this.
  20. barnes

    barnes Well-Known Member

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    It'll fall very soon.