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Western Sydney is between 12 and 1. Rapid price rises, rental yields dropping
So Dave its peaking
From what I have been seeing, peaked price rise late last year, market is still very strong but it not a feeding frenzy like Q4 2013 where stock would hit the web under contract.
I am regularly on pricefinder sales reporting for a bunch of suburbs around penrith LGA, and so many are being bought as rentals with agents blowing smoke about rental yields, and then ultimately being rented at under 5%.
Dont get me wrong there are still deals to be done and some good gains to be made with careful buying.
My PM in Penrith commented not long ago that they are seeing two trends in the area..
1) Movement of renters into home ownership last year due to low rates and a perceived need to get into ownership before prices rise too much
2) Influx of investors driving up demand for entry level properties, adding more rental stock which, coupled with some rent to ownership of tenants, left properties empty or with lower rental figures. An interesting point was that there is no shortage of applicants, but a real shortage of good quality applicants and they are recommending to not accept them and to leave empty for another week or two to see what else comes in.
.And I've never understood, where do all these bad applicants go? I thought it was like your. Credit report, you do the earnest to keep it in good order, once you are on the tica database no one will rent to you unless you go private or severely overpay......
Some people,have such bad records I'm surprised they even bother looking
Interesting, it a bit hard when you are in the middle of the boom, but when will it slow down..? Do you think it's going to be flat for a few years, collapse or normal growth? When you look at graphs it's usually a boom followed by a period of flat growth or no growth at all, unless something has made the area boom like a Mining town, after a very steep growth it's not very often average growth continues
And I've never understood, where do all these bad applicants go? I thought it was like your. Credit report, you do the earnest to keep it in good order, once you are on the tica database no one will rent to you unless you go private or severely overpay......
Some people,have such bad records I'm surprised they even bother looking
Interesting, it a bit hard when you are in the middle of the boom, but when will it slow down..? Do you think it's going to be flat for a few years, collapse or normal growth? When you look at graphs it's usually a boom followed by a period of flat growth or no growth at all, unless something has made the area boom like a Mining town, after a very steep growth it's not very often average growth continues
And I've never understood, where do all these bad applicants go? I thought it was like your. Credit report, you do the earnest to keep it in good order, once you are on the tica database no one will rent to you unless you go private or severely overpay......
Some people,have such bad records I'm surprised they even bother looking
If you look at how the median Sydney house price has moved over the last 30years, you will see/note that over 85% of the gains have been achieved in around 25% of the time, mainly in short bursts of 1-3 years.
note: There is always submarkets moving against the trend and if your crafty theres still ways to make money
there's an old guy sitting next to me
Watching his rents come in ...
Cliff
Cliff says, Son can you buy me a property
I'm not really sure how much
BUMP....
Curious where are all the markets today, 1 year later.
I will comment on Perth market, seeing this is my home State - market had a very good run (rising market) from 2012-2014. We are now seeing rents fall back, more stock coming on the market and oversupply of apartments in various areas. Properties are selling, however in the main its price sensitive and I would say its now a buyers market in general, depending on the product.
Melb - I know is going strong, but would like locals to post on this.
Syd - OMG some serious money has been made, great for those who jumped in
MTR
how long till perth/wa areas start gettting closer to 6?? Just moved to the state and looking to jump on something but ill need the cash flow.
FYI moved to Northam, Perth people love the place from what ive heard!! lol. we have no qualms... few interesting locals and stories but we're happy out of the city (is perth offically a city yet?? )
BUMP....
Syd - OMG some serious money has been made, great for those who jumped in
MTR