See Change and Richard Feynman . let's hype the sydney market thread .

[Gockie]

"Focussing on the actual selling prices of houses and units you can see substantial variance in housing costs across the cities. Sydney housing stands out as being significantly more expensive than other capital cities with median prices of $858,000 for houses and $615,000. The median selling price of a house in Sydney is by far and away the most expensive of all capital cities. To put Sydney?s price premium into some context, the Sydney median unit price is greater than the median selling price of houses across all other capital cities except Melbourne ($660,000). "



http://www.corelogic.com.au/news/pricing-gaps-across-product-types-and-capital-cities-are-widening

 

[en_]

"Mr Stevens cautioned against putting too much faith in the RBA?s or other forecasts, noting the wide margin of uncertainty."

http://www.theaustralian.com.au/bus...ys-glenn-stevens/story-e6frg926-1227219182923

Given:
1. Rates will be further cut to boost below trend economy
2. Increase business spending (questionable)
3. Continuing devaluation of the AUD

Regardless of price, property market is strong in a weakened economic condition.

Once the economy/ employment/ foreign investment numbers improves over the next few years, property prices should continue to to grow? It is already growing in current markets.

 

[Richard Feynman]

Saturday 14th February 2015


Number Listed Auctions: 453
Number Reported Auctions: 372
Sold: 320
Withdrawn: 12
% Cleared: 83 %
Total Sales: $272,333,889
Median: $919,000

Early indications are that we've picked up where we left off.

 

[see_change]

Anecdotally

SWMBO was driving in Turramurra last Saturday and reported " parking bedlam " around one open house .

83 % is stronger than what we were seeing at the end of the year .

Cliff

 

[Richard Feynman]

The next couple of weeks will be telling as volumes pick up and March 3rd rolls around.

 

[see_change]

Every so often I see something that is very good value . This one just sold for around 1.5 which for a nice house , flat block , East side walk station on a quiet street is very good value .

http://www.realestate.com.au/property-house-nsw-turramurra-118869615

I though the house in duff st I posted last year was good but someone got a bargain with this .

Cliff

 

[Richard Feynman]

Strewth!

Saturday 21st February 2015
Number Listed Auctions: 636
Number Reported Auctions: 514
Sold: 452
Withdrawn: 20
% Cleared: 85 %
Total Sales: $405,830,314
Median: $1,100,000

 

[charlieandkath]

Things are playing out nicely in Sydney. I have been keeping a really close eye on this thread and have contributed by saying things were not too hot in 2014 and we have a long way to go with price growth. After this result on the weekend though I am now thinking things are starting to heat up a bit too quickly now.

I would like others opinions on where we sit now. Are we starting to get into the silly territory? If so how long will the silliness last for. Are Sydney cabbies starting to talk about the Sydney property market yet? If not maybe we have a lot of silliness to come yet. Another silliness factor I gauge things by is when people start buying and selling in the same month. Are we seeing that yet? If not we may have another 30% to go yet this cycle.

Can anyone relate back to the 2003/2004 boom time?

 

[Richard Feynman]

Things are playing out nicely in Sydney. I have been keeping a really close eye on this thread and have contributed by saying things were not too hot in 2014 and we have a long way to go with price growth. After this result on the weekend though I am now thinking things are starting to heat up a bit too quickly now.

I would like others opinions on where we sit now. Are we starting to get into the silly territory? If so how long will the silliness last for. Are Sydney cabbies starting to talk about the Sydney property market yet? If not maybe we have a lot of silliness to come yet. Another silliness factor I gauge things by is when people start buying and selling in the same month. Are we seeing that yet? If not we may have another 30% to go yet this cycle.

Can anyone relate back to the 2003/2004 boom time?

It's pretty early into the year to make judgements yet.

Volumes are now at decent levels but it won't be until a few weekends of 800+ auctions before we get a clearer picture. A month in a row of 800+ auctions with clearance rates over 83% and medians over $1mil might paint a clearer picture*

Further, this weekend was ripe for a massive result. The inner west accounted for a huge chunk of auctions; 112 from memory (dragging up the median and clearance rate massively--it's been a star performer this cycle). The next most popular area was the city and east with over 100, also skewing the data a bit. Sometimes the numbers can hide the facts a little.


*Unless that's directly following another rate cut in which case I'd suggest a little more waiting as it's damn likely that another cut will cause a small spike in activity

 

[see_change]

Looking good feb 28th 2015

830 listings

85 % clearance

Median $1,055,000.00

OMG !!!! ( is that hype enough .....)

I'll be curious as to for how long the sydney sceptics are eating their words. I know I don't know but we're seeing several members coming out with predictions of when they will be coming in and buying bargains in Sydney .

Cliff

 

[ferdinandch]

Looking good feb 28th 2015



85 % clearance

Median $1,055,000.00

OMG !!!! ( is that hype enough .....)

I'll be curious as to for how long the sydney sceptics are eating their words. I know I don't know but we're seeing several members coming out with predictions of when they will be coming in and buying bargains in Sydney .

Cliff

I just contributed $45,000 to the state government today. Happy because I got a dream home for my missus, and unhappy because I have to pay $40K over my set limit.

But considering I have been 3 months monitoring the market and inspecting houses, $1.1M won't get me something dreamy in Hills (Cherrybrook, Castle Hill, Baulkham Hills).

The market is burning hot, equity-up Aussies v cashed-up Asians.

Now, a bit worried that bank will take the auction price as the valuation price

 

[kamchatsky]

Looking good feb 28th 2015

830 listings

85 % clearance

Median $1,055,000.00

OMG !!!! ( is that hype enough .....)

I'll be curious as to for how long the sydney sceptics are eating their words. I know I don't know but we're seeing several members coming out with predictions of when they will be coming in and buying bargains in Sydney .

Cliff

But isn't it about lies, lies and statistics? All i can see is that apart of houses getting more expensive in general, there is another factor in play: tons of new OTP houses/units/townhouses selling at hideous prices dragging the median up? I have seen a lot of OTPs units selling for stupid prices and people still buy them. Or certain council change zoning of a few blocks to R3 etc so all those developers are paying sky high prices for those development blocks?

To me, the median alone does not tell the whole story.

 

[kamchatsky]

I just contributed $45,000 to the state government today. Happy because I got a dream home for my missus, and unhappy because I have to pay $40K over my set limit.

But considering I have been 3 months monitoring the market and inspecting houses, $1.1M won't get me something dreamy in Hills (Cherrybrook, Castle Hill, Baulkham Hills).

The market is burning hot, equity-up Aussies v cashed-up Asians.

Now, a bit worried that bank will take the auction price as the valuation price

Where did you ended up buying?

 

[ferdinandch]

Where did you ended up buying?

Baulkham Hill on Castle Hill side.

 

[Biz]

If they cut rates again next week i might have to seriously consider throwing all my Sydney stuff on the market! Lol!

 

[see_change]

We have five properties in Sydney . No intention of selling them at any time soon , if ever , unless we had a significant change in our circumstances , which is unlikely .

Cliff

 

[see_change]

But isn't it about lies, lies and statistics? All i can see is that apart of houses getting more expensive in general, there is another factor in play: tons of new OTP houses/units/townhouses selling at hideous prices dragging the median up? I have seen a lot of OTPs units selling for stupid prices and people still buy them. Or certain council change zoning of a few blocks to R3 etc so all those developers are paying sky high prices for those development blocks?

To me, the median alone does not tell the whole story.

Ah , so the fact that people are paying what you consider hideous prices for OTP properties , that means in your opinion the median isn't valid. That makes it a lie

mmm...

Cliff

 

[ej89]

Saw an absolute dump of a house sell for 770k in Green Valley yesterday. Seen half an old ugly duplex sold for 780k in Cabramatta yesterday. Also saw a house sell for 1.3 million in Cecil Hills when the owners were hoping to get $1.1m.

 

[gach2]

Did go to an auction yesterday where there was only 2 other parties. Initially wasnt interested but as soon i knew it was only 2 other parties started bidding. 510k for a 560m2 block 3ks from parramatta!!!!!!!!! If the other party wasnt there i wouldnt have been suprised if i would have picked it up for 470 odd.

No i didn buy it but between 430 - 510 it was just me and one other person

Thought there would have been more demand though

 

[Silent]

Purchased 6 empty block of lands in sydney back in November sold 3 @ $35k more and 2 are on the market for $45k more.

Used buymyplace for selling so no agent fee.