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

[XMW]

Just want to clarify that those 1 mil + sold house are not the norm here for parramatta, they were sold for that price was due to their high density development potential ( or already zoned for high density).

Typical house in parramatta zoned for low density sells for between 700k - 900k range...

 

[ToGetProperty]

On That basis, we should all be buying up in and around Chatswood which already is considered a "second city" to Sydney and geographically/demographically miles better than anything in Parramatta...

If people are paying $1.5mil for a house in parra then surely Chatswood houses should be significantly higher (which they are not currently)

I would like to live in Parramatta rather than Chatswood for many reasons:
My wife can walk to her shop, church and Westfield;
I can walk to Wanderer home ground and easily get into the train station to everywhere in Sydney.

Can Chatswood provide all of those?
Second airport is in Western Sydney. Parramatta is in the middle between two airports. It is very far for the people in Chatswood to travel to the new airport.

All now land release will be in Western Sydney, not in the sea. Look at map of Sydney. The geography center of Sydney is in Parramatta, not in Chatswood after 20 years later.

There will be no height limit on the new building in Parramatta. And many other investments happening now.

 

[WattleIdo]

The fundamentals of any harbour city will always be the closer you are to the harbour, the more expensive real estate will be.

This is right. The old money is around the harbour and may have a family holiday house on the Northern Beaches.
The North Shore has always been a mixed area - mostly very aspirational. There is some old money there but not as much as some would think. Actually, there are a lot of people wanting to look like they're old money. I grew up there and went to school there. What's more, the bush appeal that it used to have isn't as strong as it used to be.
Also re:Chatswood - it wasn't always as 'nice' as it is now. It was just a big train station with a Grace Bros and David Jones 25-30 years ago.
Sure, it's always been a very convenient area. That's why the Chinese went there and that's when it took off.
Don't get me wrong, I love Chatswood. Let's not pretend that it's for a 'better quality' person though. It didn't start out that way.
In other words, expansion will at times cause places that were once seen as very different to be viewed much more on a similar footing.

That's why I agree with most of your post but not necessarily this part:

the ratio is skewed atm due to Western Sydney hype so its either Western Sydney tanks or Chatswood booms IMO

There may be a realignment later though while the city keeps growing, we have to adjust with it. The boundaries of the North Shore aren't as clearly defined as they used to be. Also, the Northern Districts have gone psycho over the last 20 years. Look at Kellyville and Castle Hill. New money becomes old money. Some money becomes a lot of money.

 

[Ace in the Hole]

I would like to live in Parramatta rather than Chatswood for many reasons:
My wife can walk to her shop, church and Westfield;
I can walk to Wanderer home ground and easily get into the train station to everywhere in Sydney.

Can Chatswood provide all of those?

Someone else may have completely different circumstances to you, this is completely personal preference.

Second airport is in Western Sydney. Parramatta is in the middle between two airports. It is very far for the people in Chatswood to travel to the new airport.

10 years later...
A lot of things can change in 10 years and is it really that much of a benefit?


All now land release will be in Western Sydney, not in the sea. Look at map of Sydney. The geography center of Sydney is in Parramatta, not in Chatswood after 20 years later.

Doesn't this mean that there will be even higher demand in Chatswood due to the lower supply?
How will land release increase demand and scarcity?

There will be no height limit on the new building in Parramatta. And many other investments happening now.
Is no height limits an advantage, if so, why?

We can all wait to see the difference between these 2 suburbs in 10 years time.
There will likely be many other suburbs which eclipse both of these easily during that time.

 

[Harro]

I am interested to know the % of properties that are sold at auction for CASH. If international investment is strong I would think quite a lot.

What are people's thoughts?

 

[devank]

I moved to perth 17 years ago but I'm not sure what that has to do with it.

I didn't ask the question in a sarcastic way.
Parramatta was totally a different place 15 years ago. I remember one of my friend from the beach side mentioned that she wouldn't feel safe to get out of the car in Parra. She is working in Parra now


Why would anyone compare Parra & Chatswood? Chatswood's median price is 1.2 mil and Parra's median is 600K.
You can't compare one of the highest sale in Parra with a median price in another suburb.
How much do you need to pay for a 600+ sqm land (+house), within walking distance to Chatswood center and in a high density zone?

West had its long waited turn. Maybe it is time for the more expensive suburbs to have their turn once people start to see the value.

 

[kamchatsky]

Looking at western sydney's prices I keep thinking once the interest rate moves up, the prices will be dropping. Whereas in Lower/Upper North Shore it should hold its value.

Looking at recent sold prices at LNS/UNS I am tempted to buy a house there as PPOR as it is "bargain" price compare to Western Sydney. but my wife prefers where we live right now. I have been looking around western sydney for IP but it is getting way too expensive. Everyone seems to bid 100K+ over what the advertisement asks for.

PS: I definitely prefer Chatswood over Parramatta anyday for PPOR.

 

[see_change]

Looking at western sydney's prices I keep thinking once the interest rate moves up, the prices will be dropping. Whereas in Lower/Upper North Shore it should hold its value.

Looking at recent sold prices at LNS/UNS I am tempted to buy a house there as PPOR as it is "bargain" price compare to Western Sydney. but my wife prefers where we live right now. I have been looking around western sydney for IP but it is getting way too expensive. Everyone seems to bid 100K+ over what the advertisement asks for.

PS: I definitely prefer Chatswood over Parramatta anyday for PPOR.

Has she had a look around the UNS ? Take her for a drive this Saturday and check out some open houses .

I posted a thread call North shore taster plate a couple of weeks ago . The Duff st house generated some feedback and is a very nice entry level house . The house in Dennis ave is a more upmarket house and VERY nice and in term of value for money good value . They might be out of your price range , but sometimes it's interesting to see what you get for a bit more . In the current market the mid range has moved more than the upper level and paying a couple of hundred more will get a much nicer house .......

Cliff

 

[Richard Feynman]

This bodes well for continued growth over 2015:

 

[rustyP]

(Minor data gripe):
Why the hell would you put the Y axis in $000's, then add another minimum 6 more zero's to each number. This is how you don't do axes people!

Regardless, I'd like to see this data standardised against average growth %'s... It's tough to tell how much of this boom is due to organic growth in the markets. Definitely a huge splurge of residential investment going on everywhere but SA. Poor Adelaide.

 

[Richard Feynman]

I think the interesting thing to note on the Investor Loans By State chart is the momentum.

This is also pronounced in the NSW Investor Loans chart. At most, there, we have one side of a "mound".

 

[euro73]

On That basis, we should all be buying up in and around Chatswood which already is considered a "second city" to Sydney and geographically/demographically miles better than anything in Parramatta...

If people are paying $1.5mil for a house in parra then surely Chatswood houses should be significantly higher (which they are not currently)

Parramatta now has more office space than Chatswood ,North Sydney and St Leonards combined. It's LGA is the 4th or 5th largest population in the country. Whilst it may not be as "sexy" an address as Chatswood to those without an address west of Iron Cove Bridge, it is without doubt THE preferred second city for every major Government Department, as well as many banks and insurers. It is also now home to the largest legal precinct in NSW, with the remaining courts to move there in coming years.

Westmead Hospital is right next door, and is already the largest medical precinct in the Southern Hemisphere, and if the light rail corridor happens, it will be hard to ignore it's claims as the 2nd CBD.

What is has lacked for quite some time is a real residential heartbeat, and that is what is now happening. Enormous amounts of money are being invested in projects around the northern end of Parramatta, along the Parramatta river, and there are a number of proposals for the complete redevelopment of large parts of the southern corridor (auto alley) as well.

 

[Newbieatlife]

I would like to live in Parramatta rather than Chatswood for many reasons:
My wife can walk to her shop, church and Westfield;
I can walk to Wanderer home ground and easily get into the train station to everywhere in Sydney.

Can Chatswood provide all of those?
Second airport is in Western Sydney. Parramatta is in the middle between two airports. It is very far for the people in Chatswood to travel to the new airport.

All now land release will be in Western Sydney, not in the sea. Look at map of Sydney. The geography center of Sydney is in Parramatta, not in Chatswood after 20 years later.

There will be no height limit on the new building in Parramatta. And many other investments happening now.

haha, is this a troll post?

Chatswood station if anything is even more accessible than Parramatta

Yep and land has always been more expensive around airports all around the world right????

the more land western sydney releases, the more valuable inner sydney and indeed the north shore will be

The centre of Sydney will always be the harbour bridge even if Parramatta becomes as high as abu dhabi....at least in any of our lifetimes

 

[Newbieatlife]

Parramatta now has more office space than Chatswood ,North Sydney and St Leonards combined. It's LGA is the 4th or 5th largest population in the country. Whilst it may not be as "sexy" an address as Chatswood to those without an address west of Iron Cove Bridge, it is without doubt THE preferred second city for every major Government Department, as well as many banks and insurers. It is also now home to the largest legal precinct in NSW, with the remaining courts to move there in coming years.

Westmead Hospital is right next door, and is already the largest medical precinct in the Southern Hemisphere, and if the light rail corridor happens, it will be hard to ignore it's claims as the 2nd CBD.

What is has lacked for quite some time is a real residential heartbeat, and that is what is now happening. Enormous amounts of money are being invested in projects around the northern end of Parramatta, along the Parramatta river, and there are a number of proposals for the complete redevelopment of large parts of the southern corridor (auto alley) as well.

Yes its all true...but none of the above will have any impact on what will always be considered 'prime' realestate in Sydney

 

[kamchatsky]

Has she had a look around the UNS ? Take her for a drive this Saturday and check out some open houses .

I posted a thread call North shore taster plate a couple of weeks ago . The Duff st house generated some feedback and is a very nice entry level house . The house in Dennis ave is a more upmarket house and VERY nice and in term of value for money good value . They might be out of your price range , but sometimes it's interesting to see what you get for a bit more . In the current market the mid range has moved more than the upper level and paying a couple of hundred more will get a much nicer house .......

Cliff

Well for PPOR it is all personal taste really. Whilst I would be happy to live at UNS (and I have driven through the area on a regular basis for my work at Belrose) my wife prefers where we are living now, at least for demographics it is probably a better fit for us, and would enable our young junior to grow up without too much peer pressure etc. Also great local public school system convince us to stay here.

Even second hand units at UNS are not too expensive compare to what they charge in western sydney. However I do not know the tenant demand in those area to decide whether it is worth while.

 

[Redom]

Parramatta now has more office space than Chatswood ,North Sydney and St Leonards combined. It's LGA is the 4th or 5th largest population in the country. Whilst it may not be as "sexy" an address as Chatswood to those without an address west of Iron Cove Bridge, it is without doubt THE preferred second city for every major Government Department, as well as many banks and insurers. It is also now home to the largest legal precinct in NSW, with the remaining courts to move there in coming years.

Westmead Hospital is right next door, and is already the largest medical precinct in the Southern Hemisphere, and if the light rail corridor happens, it will be hard to ignore it's claims as the 2nd CBD.

What is has lacked for quite some time is a real residential heartbeat, and that is what is now happening. Enormous amounts of money are being invested in projects around the northern end of Parramatta, along the Parramatta river, and there are a number of proposals for the complete redevelopment of large parts of the southern corridor (auto alley) as well.

And a successful A-league team Euro!

A Saturday walk through Church street before a WSW alone would make me want to live there!

Cheers,
Redom

 

[Pete Wargent]

(Minor data gripe):
Why the hell would you put the Y axis in $000's, then add another minimum 6 more zero's to each number. This is how you don't do axes people!

Regardless, I'd like to see this data standardised against average growth %'s... It's tough to tell how much of this boom is due to organic growth in the markets. Definitely a huge splurge of residential investment going on everywhere but SA. Poor Adelaide.

$000s is just the standard reporting unit for most ABS data. Obviously can adjust it back up to $bn but generally I don't bother since we have hundreds of ABS charts in the packs it's just easier to keep in the same unit.

I have all the same data series by state charted & variously adjusted for CPI, state population growth, organic price growth etc etc. might blog some of them next month for something different if I get around to it.

 

[devank]

'NSW Investor Loan' -
Does it mean these loans are taken out by NSW residents or these loans are taken out against NSW security?

 

[see_change]

Sydney's house prices continue to soar

Didn't see this reported in Domain , but in the business section of the SMH , we got the report of Sydneys continued strength

Sydney's house prices continue to soar

Sydney's house prices continue to soar, with Australian Bureau of Statistics data showing a 2.7 per cent rise for the September quarter - nearly three times that of Australia's other cities.
Melbourne, Brisbane, Adelaide and Hobart all rose just 1 per cent by comparison, according to Tuesday's Residential Property Price Index.
Of the other cities, Darwin and Canberra rose 0.3 per cent for the quarter, while Perth prices fell 0.1 per cent. Overall, the nation's house prices increased by 1.5 per cent.
Sydney's soaring housing market was also, by far, the strongest performer in the 12 months to September, increasing 14.6 per cent. By comparison, Melbourne and Brisbane rose 6.9 per cent and 6.7 per cent respectively. The nation's other cities rose even less.
For established houses in Sydney, almost all segments of the market showed strong price rises. Those with prices of between $500,000 and $2.2 million contributed most to the rise, said the ABS.
For Sydney's attached dwellings (apartments plus semi-detached row houses) those with prices of between $550,000 and $650,000 rose the most.


CLiff

 

[WattleIdo]

Why would anyone compare Parra & Chatswood?

Spruiker No 1 sending PM's to forum members trying to get the thread 'back on track'. Pity, it got interesting there for a little while.

Just beware, anyone wanting to make money. Spending 'just that little bit more' could be another decade of work and marital problems along the way.