See Change and Richard Feynman . let's hype the sydney market thread .
- Thread starter see_change
- Start date
Yeah it's unfortunately out of your control. Ultimately price is always a consideration imo, if you didn't have to put so much into housing you'd have a fair bit more capital/cashflow available for other ventures
What I have noticed in the last week or so has been a jump in the number of sales , and most of these have not gone to auction , with some selling early in their auction campaigns
Things seemed quiet over the school holidays but since the weekend before last , lots of places have sold .
As an example this place in gilroy in Turramurra sold after two weekends before getting to its auction date. we saw this and thought it would go for around 2 mill , maybe 2.2 in a competitive auction. Obviously the owners were happy with the 2.1 they got .
There have also been some sales of properties that have been on the market for a while eg this one at Michelle place . We saw it a month or so ago , and from memory it had had a failed auction prior to that .
This one at 22 Fiona had also been listed with a couple of agents for a while and has finally sold
Cliff
Things seemed quiet over the school holidays but since the weekend before last , lots of places have sold .
As an example this place in gilroy in Turramurra sold after two weekends before getting to its auction date. we saw this and thought it would go for around 2 mill , maybe 2.2 in a competitive auction. Obviously the owners were happy with the 2.1 they got .
There have also been some sales of properties that have been on the market for a while eg this one at Michelle place . We saw it a month or so ago , and from memory it had had a failed auction prior to that .
This one at 22 Fiona had also been listed with a couple of agents for a while and has finally sold
Cliff
Sydney's late spring auctions surging
APM's weekly preview
Sydney's late spring auctions surging
Auction numbers in Sydney continue to rise to record levels as sellers flood the market to take advantage of still strong market conditions before years end.
This weekend Sydney is scheduled to host 878 auctions which are well ahead of last weekend?s 753 listings and the 739 auctions conducted over the same weekend last year.
October has been a record month for auction activity for that month in Sydney and follows record results for August and September with November clearly set to continue the record-breaking trend of the spring selling season so far.
What I'm seeing locally is lots of properties selling prior to auction . Numbers have continued to rise with some 13 selling over Monday to Friday this week , which is a level I haven't noted before .
In terms of clearance rates this weekend , with the record number of auctions I wouldn't be surprised if we see a level just below 80 % . Anything above will be very bullish for me .
Cliff
APM's weekly preview
Sydney's late spring auctions surging
Auction numbers in Sydney continue to rise to record levels as sellers flood the market to take advantage of still strong market conditions before years end.
This weekend Sydney is scheduled to host 878 auctions which are well ahead of last weekend?s 753 listings and the 739 auctions conducted over the same weekend last year.
October has been a record month for auction activity for that month in Sydney and follows record results for August and September with November clearly set to continue the record-breaking trend of the spring selling season so far.
What I'm seeing locally is lots of properties selling prior to auction . Numbers have continued to rise with some 13 selling over Monday to Friday this week , which is a level I haven't noted before .
In terms of clearance rates this weekend , with the record number of auctions I wouldn't be surprised if we see a level just below 80 % . Anything above will be very bullish for me .
Cliff
RP Data records the first 1000 plus day for Sydney this spring season .
Interestingly this year we've had eight days over a thousand . This time last year .... None .
High volumes , good clearance rates ...
Cliff
Interestingly this year we've had eight days over a thousand . This time last year .... None .
High volumes , good clearance rates ...
Cliff
I'll be pretty surprised if the clearance rate exceeds 77% this weekend. That is a LOT of stock.
It'll certainly show how many buyers are out any about either way.
It'll certainly show how many buyers are out any about either way.
Median $1,062,500... WOW . 82 % clearance
Be Surprised
That is one strong result and on top of all the sales that have been going through via Private Treaty
I'm watching Pymble to Wahroonga and on Friday , seven properties are listed as sold . 19 from Monday to Friday . Haven't seen that happen in the time I've been watching the market closely . I can only assume the buyers were keen to take the properties off the market prior to the next weekend .
Number Listed Auctions: 883
Number Reported Auctions: 639
Sold: 557
Withdrawn: 37
% Cleared: 82 %
Total Sales: $579,255,401
Median: $1,062,500
Will be interesting to see how APM put a negative spin on that ......
Cliff
Be Surprised
That is one strong result and on top of all the sales that have been going through via Private Treaty
I'm watching Pymble to Wahroonga and on Friday , seven properties are listed as sold . 19 from Monday to Friday . Haven't seen that happen in the time I've been watching the market closely . I can only assume the buyers were keen to take the properties off the market prior to the next weekend .
Number Listed Auctions: 883
Number Reported Auctions: 639
Sold: 557
Withdrawn: 37
% Cleared: 82 %
Total Sales: $579,255,401
Median: $1,062,500
Will be interesting to see how APM put a negative spin on that ......
Cliff
Interesting sidelight from the clearance rates for the last months. There has been some talk in the press about how clearance rates have softened slightly in the last month , what happened was they dropped one month ago witth the school holidays ( which often happens ) and they've been building since on higher volume .
Anyone with a basic understanding of technical analysis , would know that that suggests ( TA is about probabilities , not certainties ) the trend will continue .
11th Oct 73 %
18th Oct 77 %
25th Oct 77 %
1st Nov 82 % ( this will be revised down next week , but probably 80 or above )
Cliff
Anyone with a basic understanding of technical analysis , would know that that suggests ( TA is about probabilities , not certainties ) the trend will continue .
11th Oct 73 %
18th Oct 77 %
25th Oct 77 %
1st Nov 82 % ( this will be revised down next week , but probably 80 or above )
Cliff
Sydney is a suckers market at present.
I don't think too many long term forumites are promoting sydney as a place to buy for an investment at the moment . If you're buying as a PPOR , different case.
This is more a watching the market go up thread . There are many members who have bought in Sydney over the last few years and are happy to watch prices go up , me included .
However , if you're buying and selling in the same market , in particular , upgrading , if you're selling below 1.5 and buying around 2 or over , now is a VERY GOOD TIME TO DO THAT , as the lower prices have moved significantly and the prestige market hasn't moved much at all .
Cliff
Cripes!
Colour me surprised.
Colour me surprised.
Good to hear, Cliff, as I did something similar to this (though not quite in the 2m+ price bracket). I am, however, planning on keeping the old PPOR and turning it into an IP - although have some doubts on whether this would leave me overexposed to a market downturn.
If I were to sell a property now... I have 2 choices I see it. Sell the ex-PPOR (inner west) for over $1m or a Mt Druitt cheapie for about $300k. What do you think would be better given they are 2 completely different markets?
What's your reason to sell ?
I'm not into diversification for the sake of Diversification and down turns are only an issue if you have to sell in one . If they are both good properties and give good rental returns .....
Purely from a TAX view point , if you're selling a PPOR , its CGT free.
We're going to sell our PPOR , BUT we bought a downsizer a year ago , and selling our current PPOR will enable us to pay off the downsizer and the weekender and significantly improve our cash flow.
Cliff
I'm not into diversification for the sake of Diversification and down turns are only an issue if you have to sell in one . If they are both good properties and give good rental returns .....
Purely from a TAX view point , if you're selling a PPOR , its CGT free.
We're going to sell our PPOR , BUT we bought a downsizer a year ago , and selling our current PPOR will enable us to pay off the downsizer and the weekender and significantly improve our cash flow.
Cliff
Issue I have now is I want to buy in the Sydney market for the next property but the prices all jacked up due to how hot it is. At the same time, I don't want the money sit in a bank account collecting dust. Not too keen on looking at a different city as already purchased in QLD, and not familiar with stock market at all. What to do??
Auction Surge : Sellers win round one
Starting to get back to the Hype Stage of the market with the Sun Herald coming in with Auction Surge : Sellers win round one
With an extraordinary 82.4 per cent auction clearance rate, Sydney's booming property market has passed the first test in what promises to be the busiest November on record for auctions.
About 880 homes were scheduled to go under the hammer on Saturday, and more than 900 are expected for each of the next two weeks.
Domain Group senior economist Andrew Wilson describes it as "an unprecedented listings boom".
He was surprised at Saturday's exceptionally strong clearance rate. "We're now back to those very strong days in September, but this is just round one in the November battle between buyers and sellers," Dr Wilson said.
Auctioneer Damien Cooley says November 29 will be a "monster" day and that the first weekends of December would also be huge.
I like Andrew Wilson expressing surprise . He seems to have been convinced that the market is about to turn and he's been cherry picking any Stats that will support this view. Will be interested to see what he says over the next months if the market keeps on going , which IMHO it's likely to do .
I was chatting to someone who was at this Auction and it was fairly frenetic with 44 registered bidders and they think about half of them bid. $ 385 K above reserve ....
A three-bedroom home at 38 Coronga Avenue, Killara, sold for $1,785,000, $385,00 above the $1.4million reserve.
There were 44 registrations to bid on the deceased estate, at least half of those active in the auction.
"It was rapid-fire ... there were people there to renovate it or knock it down," auctioneer Stuart Benson said. "It came down to a local Chinese buyer and an Anglo buyer ? it was a fierce bidding duel, but the Chinese buyer eventually conceded defeat.
Cliff
Starting to get back to the Hype Stage of the market with the Sun Herald coming in with Auction Surge : Sellers win round one
With an extraordinary 82.4 per cent auction clearance rate, Sydney's booming property market has passed the first test in what promises to be the busiest November on record for auctions.
About 880 homes were scheduled to go under the hammer on Saturday, and more than 900 are expected for each of the next two weeks.
Domain Group senior economist Andrew Wilson describes it as "an unprecedented listings boom".
He was surprised at Saturday's exceptionally strong clearance rate. "We're now back to those very strong days in September, but this is just round one in the November battle between buyers and sellers," Dr Wilson said.
Auctioneer Damien Cooley says November 29 will be a "monster" day and that the first weekends of December would also be huge.
I like Andrew Wilson expressing surprise
. He seems to have been convinced that the market is about to turn and he's been cherry picking any Stats that will support this view. Will be interested to see what he says over the next months if the market keeps on going , which IMHO it's likely to do . I was chatting to someone who was at this Auction and it was fairly frenetic with 44 registered bidders and they think about half of them bid. $ 385 K above reserve ....
A three-bedroom home at 38 Coronga Avenue, Killara, sold for $1,785,000, $385,00 above the $1.4million reserve.
There were 44 registrations to bid on the deceased estate, at least half of those active in the auction.
"It was rapid-fire ... there were people there to renovate it or knock it down," auctioneer Stuart Benson said. "It came down to a local Chinese buyer and an Anglo buyer ? it was a fierce bidding duel, but the Chinese buyer eventually conceded defeat.
Cliff
I missed this article in which Andrew Wilson asked the question
Are there enough buyers for all these properties ?
Not sure when it actually went on line as the Date listed is 4/11/2014 and today it's only the second ... but from the date on the link it was on 31/10/14 .
The answer , at least for this weekend was , yes .
Given there were 44 listed buyers on one auction in Killara and 14 on one in Turramurra and only two people are now out of the market ( assuming they're not looking to buy more than one ) , one would assume there are still a few people out there looking for properties , and those are just two I know about
Also consider that in Sydney , most places DON't go to Auction , so the figures we are talking about are a minority of the market and people only go to Auction if they think the market is hot enough to generate competition in the Auction situation so higher figures going to Auction suggest the agents are confident of competition ...
Cliff
Are there enough buyers for all these properties ?
Not sure when it actually went on line as the Date listed is 4/11/2014 and today it's only the second ... but from the date on the link it was on 31/10/14 .
The answer , at least for this weekend was , yes .
Given there were 44 listed buyers on one auction in Killara and 14 on one in Turramurra and only two people are now out of the market ( assuming they're not looking to buy more than one ) , one would assume there are still a few people out there looking for properties , and those are just two I know about
Also consider that in Sydney , most places DON't go to Auction , so the figures we are talking about are a minority of the market and people only go to Auction if they think the market is hot enough to generate competition in the Auction situation so higher figures going to Auction suggest the agents are confident of competition ...
Cliff
You might be surprised by how much over $300k your Mt Druitt cheapie will fetch.
if you put on Caveat emptor for 300 , you could run your own Dutch auction amongst forumites . At that price even Skater might be interested
Cliff
Sydney auction market steams into November
Sydney auction market steams into November
Andrew Wilson is starting to back track from the note of caution he has been adding into his reports of the last month with only one slightly negative note in his report from this weeks auction action . ( highlighted in bold )
Of most interest is the final comment ( large type ) which raises the possibility of decreasing rates ...
The Sydney home auction market steamed into November at record pace at the weekend despite an unprecedented surge in auction numbers for this time of the year.
Sydney recorded a boom-time 82.4 percent clearance rate which was well ahead of last weekend?s 78.9 percent result and also above the 81.2 percent recorded over the same weekend last year.
Rising listing number over the past month have acted to drag the clearance rate down below the 80 percent threshold for the first time in three months. Sydney buyers however remain hungry for property with the market bouncing back with vengeance at the weekend. 883 homes were listed to go under the hammer which was well ahead of the 753 conducted last weekend and the 739 auctions listed over the same weekend a year ago.
Auction numbers will continue to surge over the remainder of the year with Sydney set to break the November record for auction activity following record breaking performances over August, September and October. Sellers are rushing into the market to take advantage of high competition for property amongst buyers.
Despite the lift in this weekend?s clearance rate the current four-weekend average clearance rate at 80.4 percent remains below the 83.0 percent recorded over the previous four-weekend period.
Sydney?s lower north was the leading suburban region this weekend with a strong 89.0 percent clearance rate with 65 sales from 73 reported results. The northern beaches also reported a strong result with 86.5 percent closely followed by the inner west at 85.8 percent with the highest number of sales at 103. Next best was the upper north shore with 84.1 percent, the south 80.7 percent, Canterbury Bankstown 80 percent and the city and east with a clearance rate at the weekend of 79.8 percent.
Standout auction sales results on the lower north at the weekend included a 5 bedroom home at 20 Ryries Parade Cremorne sold for $3,675,000 by Belle Property Mosman, another 5 bedroom home at 26 Hamilton Street Riverview sold by Ray White Lower North Shore for $2,240,000, a 4 bedroom home at 6 Morotai Crescent Castlecrag sold by Victoria Freeman Real Estate for $2,025,000 and another 4 bedroom home at 4 North Avenue Cammeray sold for $2,015,000 by McGrath Property.
The most expensive property reported sold at auction at the weekend was a 4 bedroom home at 5 Simmons Street Balmain East sold for $6,560,000 by McGrath Balmain. The most affordable property reported sold at the weekend was a 1 bedroom unit at 18/8 Hope Street Rosehill sold for $181,000 by Ray White Parramatta.
The Sydney auction market has started off November at record pace with low interest rates a key ingredient of continued strong buyer activity in the local market. The Reserve Bank meets for its regular Melbourne Cup Day meeting next Tuesday to determine monthly official interest rate settings. Rates have at the current 60 year low settings of 2.5 percent for 14 consecutive months since August last year - the longest steady sequence since 2002.
Although rates are set to remain at the current level over the remainder of 2014, increased concerns about the current performance of the national economy particular the state of the jobs market are now raising the prospect of a rate cut early in 2015.
Sydney auction market steams into November
Andrew Wilson is starting to back track from the note of caution he has been adding into his reports of the last month with only one slightly negative note in his report from this weeks auction action . ( highlighted in bold )
Of most interest is the final comment ( large type ) which raises the possibility of decreasing rates ...
The Sydney home auction market steamed into November at record pace at the weekend despite an unprecedented surge in auction numbers for this time of the year.
Sydney recorded a boom-time 82.4 percent clearance rate which was well ahead of last weekend?s 78.9 percent result and also above the 81.2 percent recorded over the same weekend last year.
Rising listing number over the past month have acted to drag the clearance rate down below the 80 percent threshold for the first time in three months. Sydney buyers however remain hungry for property with the market bouncing back with vengeance at the weekend. 883 homes were listed to go under the hammer which was well ahead of the 753 conducted last weekend and the 739 auctions listed over the same weekend a year ago.
Auction numbers will continue to surge over the remainder of the year with Sydney set to break the November record for auction activity following record breaking performances over August, September and October. Sellers are rushing into the market to take advantage of high competition for property amongst buyers.
Despite the lift in this weekend?s clearance rate the current four-weekend average clearance rate at 80.4 percent remains below the 83.0 percent recorded over the previous four-weekend period.
Sydney?s lower north was the leading suburban region this weekend with a strong 89.0 percent clearance rate with 65 sales from 73 reported results. The northern beaches also reported a strong result with 86.5 percent closely followed by the inner west at 85.8 percent with the highest number of sales at 103. Next best was the upper north shore with 84.1 percent, the south 80.7 percent, Canterbury Bankstown 80 percent and the city and east with a clearance rate at the weekend of 79.8 percent.
Standout auction sales results on the lower north at the weekend included a 5 bedroom home at 20 Ryries Parade Cremorne sold for $3,675,000 by Belle Property Mosman, another 5 bedroom home at 26 Hamilton Street Riverview sold by Ray White Lower North Shore for $2,240,000, a 4 bedroom home at 6 Morotai Crescent Castlecrag sold by Victoria Freeman Real Estate for $2,025,000 and another 4 bedroom home at 4 North Avenue Cammeray sold for $2,015,000 by McGrath Property.
The most expensive property reported sold at auction at the weekend was a 4 bedroom home at 5 Simmons Street Balmain East sold for $6,560,000 by McGrath Balmain. The most affordable property reported sold at the weekend was a 1 bedroom unit at 18/8 Hope Street Rosehill sold for $181,000 by Ray White Parramatta.
The Sydney auction market has started off November at record pace with low interest rates a key ingredient of continued strong buyer activity in the local market. The Reserve Bank meets for its regular Melbourne Cup Day meeting next Tuesday to determine monthly official interest rate settings. Rates have at the current 60 year low settings of 2.5 percent for 14 consecutive months since August last year - the longest steady sequence since 2002.
Although rates are set to remain at the current level over the remainder of 2014, increased concerns about the current performance of the national economy particular the state of the jobs market are now raising the prospect of a rate cut early in 2015.
Similar threads
