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

[see_change]

I wonder what the former owners were thinking? May be they had a collection!!

Maybe they were running a restoration business .in the basement . I do remember a house with a similar number of car places for sale in ? Chilling parade in warrawe , but that was just in proportion to the rest of the rest of the house ? On half - one acre , in house cinema etc.

What's the standard price for a place in greystaynes ?

Cliff

 

[see_change]

Another article about the record number of listings this weekend

Record number of Sydney properties for auction to buy beFore Christmas

What struck me was this concession by Andrew Wilson that the Sydney market hasn't peaked

1. Don't be put off by the strength of the market. "Price growth isn't as strong as it was earlier this year, or even a year ago," Dr Wilson says. "But prices still haven't yet peaked in Sydney."

Cliff

 

[Richard Feynman]

Hi Richard*

Your suburb looks interesting at the moment . Each year there is a drop in listings after October . Normal there is a rise in October , but this year the rise has been earlier in August / September . In all likelihood this is from people taking advantage and bringing their sales forward . As a result the number of Listings this October is significantly lower than it has been in previous Octobers .

I'd expect to have the normal drop off in November / December . This is highly supportive of a further increase in prices .

Cliff*

Right you are.

Interestingly, there are a few new developments that have recently completed or are soon to, being sold. Without them, the volumes of apartment stock would be staggeringly low.

Just had a look on realestate.com.au for apartments in 2204:

12 unsold listings for established apartments. That?s it.. and most of them are not exactly in great spots.

----

I'm gonna have a crack and guess a nice even 80% clearance rate this weekend, despite the huge volumes. I wouldn't put my house on it though..

 

[MsAli]

Maybe they were running a restoration business .in the basement . I do remember a house with a similar number of car places for sale in ? Chilling parade in warrawe , but that was just in proportion to the rest of the rest of the house ? On half - one acre , in house cinema etc.

What's the standard price for a place in greystaynes ?

Cliff

I'd say 800k tops...more like 650k-800k.

 

[see_change]

Ok

I'm going for over 80 % this weekend . How high ??? . From my perspective the higher the better , and given the record low number of stock , the large number of properties that are selling prior to auction ( 5 sold on Friday in my area of interest ) I won't be surprised if it's higher than last week , over 83 % . In the UNS the main properties that get through to auction are the ones where there is a lot of competition .

Cliff

 

[ToGetProperty]

My friend is bidding two properties today and is outbid in half way:

Property one in Mays Hill.
Similar property was selling 800K weeks ago. But this one is sold 1.01M in Mays Hill.


Property two in parramatta is sold 1.235M today. The reserve price is 900K only.

Parramatta and its surrounding suburbs is reaching 1M mark now for an average single story house.

 

[MsAli]

Property two in parramatta is sold 1.235M today. The reserve price is 900K only.

Parramatta and its surrounding suburbs is reaching 1M mark now for an average single story house.

I looked up, just 5 years ago these were selling for 430k

 

[ToGetProperty]

I will sell one next year if the price is right.

 

[devank]

Parramatta and its surrounding suburbs is reaching 1M mark now for an average single story house.

Many thumps ups

 

[Newbieatlife]

My friend is bidding two properties today and is outbid in half way:

Property one in Mays Hill.
Similar property was selling 800K weeks ago. But this one is sold 1.01M in Mays Hill.


Property two in parramatta is sold 1.235M today. The reserve price is 900K only.

Parramatta and its surrounding suburbs is reaching 1M mark now for an average single story house.

Wow....

with that kind of money, you can buy a similar house in a much more "prestigious" suburb closer to the CBD

I don't want to generalise, but I imagine people paying these prices are of a certain ethnicity who are driven purely by a need to live close to others of the same culture/religion?

 

[Gockie]

I reckon the one in Parramatta' is good value. Why? Because as Parramatta grows and expands, there'a a good chance that area would become high density at some point in time....

 

[Gockie]

Actually it's not as close to the Parramatta town centre as I thought. But maybe they will route the proposed light rail near there?
http://www.smh.com.au/nsw/convert-c...amatta-mp-geoff-lee-says-20141027-11cdx9.html

 

[Richard Feynman]

Way off with my guess.

Look at that median though. Well clear of $1million for two weeks running:

Number Listed Auctions: 943
Number Reported Auctions: 605
Sold: 496
Withdrawn: 52
% Cleared: 75 %
Total Sales: $526,399,628
Median: $1,087,500

 

[ToGetProperty]

I think those auctions will push up parramatta price up to 1m.
Before the auction, everyone including the agents, vendors and buyers are expecting around 900K.

Now, my friend and many other buyers are preparing to pay 1M in order to get into the area.

Vendors should get the information soon and might increase the reserve prices which might let down the cleared rate.

 

[C-mac]

$900K for a house in Parramatta is good value. Key driver there is land size. Its all about the land. Once all those new towers complete in a few years and a tonne of apartments are dumped on the Parramatta market, it is houses that will do well in terms of CG.

 

[XMW]

Finally market for house in Parramatta is moving, and in line with the hot western sydney suburb.

 

[see_change]

With the clearance rate in my area , UNS , what I'm seeng is some vendors expectations being over optimistic . Houses that are genareating interest , the vendor is is wanting the price that you get with a hotly competativ auction , and most places don't get that .

The vendors see the top prices and ignore the ones that didn't get the top prices and think that their property will get that top price , BUT , only a small percentage of properties get THAT price .

When the media is taking about high clearances , increasing prices etc , it can take a while fo vendors to accept reality .

Cliff

 

[sanj]

My friend is bidding two properties today and is outbid in half way:

Property one in Mays Hill.
Similar property was selling 800K weeks ago. But this one is sold 1.01M in Mays Hill.


Property two in parramatta is sold 1.235M today. The reserve price is 900K only.

Parramatta and its surrounding suburbs is reaching 1M mark now for an average single story house.

I looked up, just 5 years ago these were selling for 430k

That's just stupid and not sustainable imo. Can't be good for the economy to have people needing to spend such a high amount to live in fairly average accommodation

 

[Gockie]

Look at what sold for $1,572,500. A very modest looking, street appeal less timber cottage in Epping, zoned R2 low density residential...

 

[devank]

That's just stupid and not sustainable imo. Can't be good for the economy to have people needing to spend such a high amount to live in fairly average accommodation

Just wondering.... When did you move to Perth?

Those two places are 640 sqm land which is just 20 mins walking distance to the Parramatta CBD. Current prices are not overly surprising.