How's Sydney fairing?

With Melbourne on fire, I am looking at spreading my wings into Sydney. I have $500-600K to play with and want something relatively low maintenance. Was thinking an apartment or unit.

First, how is the Sydney market fairing? I keep hearing it hasn't done anything for ages(maybe certain area's?). Secondly, which area's would you guys recommend? Ideally, blue'ish chip suburb with consistent growth, unit\apartment and price range as mentioned above.

Thanks.
 
With Melbourne on fire, I am looking at spreading my wings into Sydney. I have $500-600K to play with and want something relatively low maintenance. Was thinking an apartment or unit.

First, how is the Sydney market fairing? I keep hearing it hasn't done anything for ages(maybe certain area's?). Secondly, which area's would you guys recommend? Ideally, blue'ish chip suburb with consistent growth, unit\apartment and price range as mentioned above.

Thanks.

G'day Bludger,

I am trying to buy in that market and in that price range, extremely competitive at the moment you need to be very quick when an opportunity comes up. BTW land tax in Victoria is very very harsh compared to the other states!

Sydney has moved a fair way in last 12 months but think it will keep going.

A vendor verbally agreed to an offer today so I might have finally snared one there!

Cheers

Bigtone
 
With Melbourne on fire, I am looking at spreading my wings into Sydney. I have $500-600K to play with and want something relatively low maintenance. Was thinking an apartment or unit.

First, how is the Sydney market fairing? I keep hearing it hasn't done anything for ages(maybe certain area's?). Secondly, which area's would you guys recommend? Ideally, blue'ish chip suburb with consistent growth, unit\apartment and price range as mentioned above.

Thanks.

I don't know where you heard that it hasn't done anything for ages, but your source is wrong :eek:
Sydney is currently booming in most price brackets under $1m and there is strong interest, insufficient listings and a real shortage of stock, at least in the areas I'm working in for clients ie: upper and lower north shore, northern suburbs, Parra and surrounds, Blacktown and surrounds, Hornsby and Hills shires. The strongest price bracket (sub $600K) is brimming with buyers and doesn't look to be abating anytime soon. Some may refer to it as a bubble, whilst others prefer to think of it as a catch up from the slow growth period of 04-08. Whatever you want to call it, it's not slowing down as investors return to the market in droves.

You have a no. of options open to you in the unit market up to $600K- from all over Sydney there's still choice, but it will depend on specifics (eg features, distance from transport, age of property, location etc) and your current cashflow position. One thing is for sure- it's a rollercoaster ride at the moment, so expect to wear out a lot of shoe leather :D
 
Even the plus 1 million houses in the area I'm looking at have moved substantially in the past 6 months. This time last year, it was possible to get a "bargain"... now they are selling fast and for around the asking price.
Pen
 
any intelligence on the northern beaches, specifically Newport? I have a 3 bedroom house with views and minutes walk to beach which I bought sub 900K in mid 07. Anyone have a clue how that market has moved?
 
any intelligence on the northern beaches, specifically Newport? I have a 3 bedroom house with views and minutes walk to beach which I bought sub 900K in mid 07. Anyone have a clue how that market has moved?

Terrible. If you want to clear it I'd give you $700K:rolleyes:
 
Campbelltown anyone?

I've been looking at some units in Campbelltown near shops/train on advice of a friend - $200K range.

Was also considering Granville but not sure I'm brave enough.:eek:

Does anyone have an opinion on this part of the market?
 
any intelligence on the northern beaches, specifically Newport? I have a 3 bedroom house with views and minutes walk to beach which I bought sub 900K in mid 07. Anyone have a clue how that market has moved?

Not so hot according to the data. See attached chart. But long term the beach is a real winner IMO.
 

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I don't know where you heard that it hasn't done anything for ages, but your source is wrong :eek:
Sydney is currently booming in most price brackets under $1m and there is strong interest, insufficient listings and a real shortage of stock, at least in the areas I'm working in for clients ie: upper and lower north shore, northern suburbs, Parra and surrounds, Blacktown and surrounds, Hornsby and Hills shires. The strongest price bracket (sub $600K) is brimming with buyers and doesn't look to be abating anytime soon. Some may refer to it as a bubble, whilst others prefer to think of it as a catch up from the slow growth period of 04-08. Whatever you want to call it, it's not slowing down as investors return to the market in droves.

Try under $1.5M in the north shore. Liquidity has all but dried up. Stuff that everyone can see on the websites, no one really wants. Older folks just ain't moving on. Don't blame em really, been there all this time. We just need to move the schools, train line and amenities out somewhere else. Oh wait, we have a useless state government? so back to tax payers bidding up house prices instead.
 
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