LB
there will always be properties that
previously sold for record high prices and in the current climate
they will only sell for what they are actually worth.
That doesn't mean that prices are falling everywhere.
It simply means that vendors should expect their properties to sell
for what they are worth.
ToGetProperty,
Doing your own research is better.
If you drive through an area will give you an idea on how it rates
compared to the areas around it.
The figure that APM release does not take into account
improvements in infrastructure shops, schools
hospitals etc.
If you take Blacktown as an example, Their westfield shopping centre
is currently being rebuilt. Land around it has run out,
Motorways and other roads are under construction.
The council boundary covers a large area so they have lots of rate payers
and lots of money to spend (parks, playgrounds and roads will improve as a result)
Even if you didn't take into account the improvements in the area,
and you only compared their property prices with those of other areas,
then Blacktown prices would seem undervalued
(hence the +10% prediction).
At the same time, property prices in the area are near entry level for the
Sydney Market so to me it doesn't seem that they are going to suffer
any price drops. Pity I can't borrow any more money...