Is property market going downhill?

[vaughan]

Western sydney market is definatley hot at the moment. Went to a few opens as I happened to be in the area. 10-20 parties in each inspection, all properties presented well...

I went to some inspections a couple of weeks ago around Shalvey, Lethbridge Park, and all of them the properties were presented POORLY. Dirty, damaged, and definitely over-priced. Will sell anyway. The market is so hot it does not matter.

I considered selling my IP recently, consulted the REA about doing a quick tidy-up. Was advised not to bother.

 

[Sureline]

Just a thought about foreign buyers... aren't they only allowed to buy new properties in Australia, and therefore really mostly driving up the new property market? So with the established property market, isn't it really mostly locals driving up the established market (rather than the easy-to-push-blame-to foreign investors)?

That is what is supposed to happen. However many foreign buyers ignore this rule and buy existing. Should they happen to be caught, they pay a fine. They consider this fine a "business expense" so it has little impact on their new/existing purchasing decisions.