Real life examples of downturn

[piNoob]

lol, didn't see at first the date when this thread was started and I though the OP is on drugs or something calling 301k for 2 bdr in Baulkam Hills a bargain

Heaps of ~260k similar units on the market and thats just asking price... How things have changed since then.

Edit: err my mistake, looks like ~260 is for surrounding areas, BH still holds around 300k..

 

[josko]

Auctions work best for unique/period/high demand properties. An OTP unit in middle Sydney in a falling market seems a very poor fit for an auctionable property.

That vendor selling for $301k must have been very desperate. I don't see it as a flaw in the auction system though, although the vendor should never have gone to auction, once they had there's no shame in having your property passed in and then putting it up latter for PS.

I agree, I have been told by a realestate agent that at "realestate school" they are told to push auctions because all of the marketing costs fall back onto the Seller. In times like these they can also up their marketing fees and make small cash.

Regards JO

 

[jagmcmanus]

Kellyville is a very different kettle of fish to Castle Hill/Baulko.
95% of houses out in Kellyville are newish, and most were bought in the megaboom time at stupidly high prices (seriously, STUPIDLY high) and low interest rate... and then shortly afterwards, those same financially inept families used their "equity mate" to buy a few new cars, a boat, and a holiday to europe for the whole family.

So obviously they would be in mortgage default and overborrowed.

I've seen it first hand - i know a few families that were caught in this trap and either had to sell at a loss, or are paying off mortgages 20% (or more) higher than their house is worth, and struggling to do so.

... by contrast, properties in Castle Hill generally didnt experience this retard phenominon. There wasnt much stupid overpaying and insane valuations in CH/BH, i can only assume its because there wasnt any "brand new" houses to get all excited and emotional about, just good, sensibly priced slightly older property.

... well thats my take on it anyway, having lived in castle hill since i was 2.

There is still a lot of stuff for sale in the older established streets in Baulkham Hills. different type of seller though.

and castle hill sales or data might include ew areas like around Oakhill college (don't know area that well) or the new parts between cherrybrook and west pennant hills...

Acutally the catle hill data would be skewed because of all the townhouse sales .
There must have been 100's of villas and townhouses built from 2000 between roxborough park and castle towers