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

Another week, another high clearance rate, strong median and high volumes. No surprise.

I feel more and more for the RBA. The longer they wait to make the inevitable next cut, the longer this sustained run in Sydney is likely to last.

..which may just be what the market needs to gallop through the winter period before a second kick from behind with the high possibility of another cut late in the year to whip up a spring frenzy.
 
I think I'll skip Brisbane and go straight to Noosa between Hastings Street and the beach.

We bought our retreat 2 1/2 years ago , but it's under 2 hours drive from Sydney and its on the waterfront . Now fully paid off care of the Sydney boom , though we still have an LOC in place as part of our preparations for further buys .

Cliff
 
Have you looked at the floorplan?

Yep, not a typical 1 bedda.
Would be bigger than most older style 3 bedroom units.
And how many 1 bed units have 2 bathrooms?

Would there be legal reasons the agent couldn't have advertised it as a 2 bedroom?
The study clearly qualifies as a full sized bedroom.
 
Have you looked at the floorplan?

Yeah I did. I understand it is a larger 1 bedroom, and the study could be used as a second bedroom, I was just pointing out the mere fact that an advertised 1 bedroom sold for that much. I paid less 650k for a 3/2/2 brick home on 700sqm only 3yrs ago.

Surely these prices can't be sustained around here.
 
Yep...the end is near....the RBA will put an end to this...and all will end in tears... :rolleyes:

Yeah I did. I understand it is a larger 1 bedroom, and the study could be used as a second bedroom, I was just pointing out the mere fact that an advertised 1 bedroom sold for that much. I paid less 650k for a 3/2/2 brick home on 700sqm only 3yrs ago.

Surely these prices can't be sustained around here.
 
Oracle...it won't happen now...but what typically happens in a Sydney cycle is people keep paying crazy prices for 3-6 months. At some point the RBA will see the risk and look to cool it.

So if you are going to launch counter measures...it needs to be done now...

Can I ask how?

Everything so far is pointing towards a RBA rate cut by May. That ain't going to stop the party.

Cheers,
Oracle.
 
Oracle...it won't happen now...but what typically happens in a Sydney cycle is people keep paying crazy prices for 3-6 months. At some point the RBA will see the risk and look to cool it.

So if you are going to launch counter measures...it needs to be done now...

Look, firstly RBA will assess the overall economy and the risk before raising interest rate when the time come. Asset such as property when fall can cause Major economic issue for the country.

RBA WONT... or make any move intendedly to cause Crash in house price. They're NOT
going to go "Hey guys tomorrow I'll increase cash rate from 2.25% to 7% in one go"...

So Correction will occur naturally over time, but you won't see a correction like such that apartment from 730k back to 500k... its not gonna happen (simple as that)
 
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I was at 4/268 victoria ave. Chatswood.
2br auction.. Yes its unit number 4, and I can see around 30 asian, 1 greek family and 1 from india. Free coffee provided by agent.

Sold at $820,500k to young asian couple after auctioner come late for 30 mins. Have 6 different auction card raised. Total 12 bid starting from $680k
 
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Yep....typically over it take 2-3 years the prices come down.

The newer properties have known to come off 20-30%....as prices return to intrinsic value. So if you bought a new unit say for 750k in a suburb where most of the units have a median value say $500k...then in a situation where the vendor needs to get at all costs...then it is possible to see this product selling for $530 to 600k.

Have you been there to see a correct in the last 2 cycles?

So Correction will occur naturally over time, but you won't see a correction like such that apartment from 730k back to 500k... its not gonna happen (simple as that)
 
Yep....typically over it take 2-3 years the prices come down.

The newer properties have known to come off 20-30%....as prices return to intrinsic value. So if you bought a new unit say for 750k in a suburb where most of the units have a median value say $500k...then in a situation where the vendor needs to get at all costs...then it is possible to see this product selling for $530 to 600k.

Have you been there to see a correct in the last 2 cycles?

Yes has been there to see it, however i do not see any significant drop. Sold a house in 2005-2006 for 480, which we bought for 390k in 2004.

Upgraded to a bigger house for 800k in 2006 and saw a stagnation for 1-2 years... (We're planning to sell it, agent quoted that our house worth around ~850k - this is roughly around 2 years later).


Sigh.... Auction Clearance Rate for Sydney is 88%.......

http://www.homepriceguide.com.au/saturday_auction_results/Sydney_Domain.pdf
 
Sydney achieves highest clearance on biggest auction day

The state election proved to be no turn off for buyers hoping to snap up a property on Saturday with Sydney recording its highest clearance rate on record.

The 87.5 per cent clearance rate was achieved on what was offically Sydney's busiest day of auctions with 1128 scheduled.

The Domain Group senior economist, Dr Andrew Wilson, says he's "absolutely astonished". "This could not have been rationally predicted - the highest clearance rate on the biggest auction day ever. This is the hottest of hot auction markets ever."

http://news.domain.com.au/domain/re...e-on-biggest-auction-day-20150328-1m9vzq.html
 
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