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

Now this is getting interesting.

As expected, the latest economic data was not great, so the RBA have little choice but to cut again--very soon.

If they so on Tuesday, well. I'm not even going to guess.

Giddy-up, Sydney.
 
Sydney housing shortage projected at 190,000 dwellings

http://www.theurbandeveloper.com/housing-shortage-190000-predicted-sydney/

The report unveiling the lack of housing also shows that by 2024, the number of homes needed to keep pace with growing populace would total over 190,000 residential properties.

?If we fail to keep pace with demand, we drive up prices and make housing less affordable for the next generation of homebuyers,? Mr Byres said.

?Even in an era of record low interest rates, a strong NSW economy and pent up demand, we?re producing about 8,000 home a year less than we?re going to need,? Mr Byres said.

?A big priority needs to make sure more areas are available for urban renewal ? along with transport corridors, old industrial lands, town centres and other priority areas.?
 
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 :confused:

mmm...:rolleyes:

Cliff

No, it is not a lie .... It is statistics ..... It is how people interpret it. That's why I quoted "lies, lies and statistics".

For me median means bugger all as the data can be skewed easily. I prefer to look at the actual sales history of the suburbs over last 6-12 months instead.

But hey, if it makes all those landlords happy, so be it!
 
.. the latest economic data was not great

.. Giddy-up, Sydney.

It's a pity more of those interest rate savings don't go into helping Australian businesses steer us into economic clear waters, but you're likely right - we'll pump more money into already pricey property instead. What a distorted approach we have to improving our way of life in Australia!
 
You realise if course that person has a vested interest in perpetuating a housing shortage myth so that the government makes it easier for developers. I'm not against developers but you need to look at information critically when you read it, I do believe this alleged shortage of housing is nonsense.

I think by 2016-2017 there will be so many completed apartments in Sydney, there could be surplus of them.

It's certain there will be a lot more completed (and in-progress) apartments in Sydney in a couple of years. But the numbers don't lie (I've posted graphs and data around the place in the last few months--happy to go digging if you want). Even at record levels of approvals and construction, nowhere near enough are being built to cater to population growth.

Yes, there will be gluts of temporary oversupply (e.g. the south and CBD) which will take time to be absorbed, hinder growth and catapult vacancy rates higher but the data is there. Unless we remain at record levels of construction (and for that, approvals will need to take off again as they're already on the way down) for a long time, we're still going to have more demand than supply.
 
What's everyone's prediction on this weekends results? Sustain a 85% clearance?

I went to an open today in Quakers Hill (cheaper side). Offers over 499k for a 3/1/1 home on 550sqm. Potential for GF. There was a line outside the driveway. 97 parties through.. let me repeat that, not people, parties!

There was a mix of FHO and investors. Too much competition. I suspect it will go for mid-high 500s
 
My colleague who was looking for a duplex in Pendle Hill/Girraween area is now thinking of buying a 3 br unit in Parramatta area.... The prices of the duplexes have gone out of reach so she's more or less given up on getting the duplex.... Too much competition.
 
Number Listed Auctions: 681
Number Reported Auctions: 525
Sold: 465
Withdrawn: 33
% Cleared: 83 %
Total Sales: $420,749,221
Median: $1,110,750

That median keeps creeping!
 
My colleague who was looking for a duplex in Pendle Hill/Girraween area is now thinking of buying a 3 br unit in Parramatta area.... The prices of the duplexes have gone out of reach so she's more or less given up on getting the duplex.... Too much competition.

I think duplex/semi is a great way to buy something that is not expensive as a house, and no strata fees, as long as it is newish and no need to knockdown.

However everyone else thinks the same :D
 
So, 6-9 months ago, the median being reported was in the $800s. It's consistently lifted since.

Even if we assume a median auction sale price of $900k 9 months ago, at $1.1m, we're hovering more than 20% higher at the moment.

I'm very interested to see where it settles...if anywhere.
 
Top