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

Sydney property: Falling auction clearance rates a sign boom may be over

The heady days of Sydney's runaway property boom look to be over, with numbers of buyers at open homes and auctions halving in recent weeks.

Experts say the flood of listings in November has diluted the number of buyers searching for homes and kept a lid on prices growth.

Not even reassuring words by the Reserve Bank Governor, Glenn Stevens, on Tuesday that interest rates were likely to stay low for some time yet would be enough to kick start the momentum again next year, they say.

Auction clearance rates have been falling for the past two weekends as a record number of houses and apartments are rushed to market before Christmas. Last Saturday's rate of 74.3 per cent was the lowest since July...
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http://smh.domain.com.au/real-estat...-a-sign-boom-may-be-over-20141121-11qolr.html
 
Another high volume auction day

Clearance rate 73 %

Of personal interest all the properties in what I think of as our area , pymble - Wahroonga , sold

Cliff
 
Caveat: Don't have a crystal ball.

Though feel that either the market is slowing down due to the holiday season approaching or that we are in for a correction.
 
Nice little article on the upper north Shore Trophy Homes .

He just got a couple of things wrong .

Burns road is a busy road and one many people would avoid . Water St and Pibrac avenue beat it hands down and Chilton is nice . Burns Rd might have been nice 50 years ago when it was a nice quiet st and

Bush School / Proulee as good schools ..seriously..

If someone is spending 5 mill plus it will be Knox or Barker or old boys from Shore always send their kids back there.

While the author likes to pretend he knows the north shore , he's a pretender ..

Gee , interesting what you say when you've had a few drinks ....hic ...:eek:

Cliff
 
Went to an Auction last night ( Cordeaux Marshall ) . of the 13 properties for sale at least 11 or 12 sold (I was distracted at one point ) . 6 had sold prior to Auction . One was under negotiation and due to exchange this morning . There was strong competition for most properties . There were a couple of 2 mill properties that weren't expected to sell , but at least one of those sold with moderate competition . This one was initially marketed with higher ( and IMHO unrealistic ) vendor expectations but by the time it went to auction the vendors had adjusted and it sold for just over 2 in what I thought was a fair market price .

The auction seemed in line with others I've been to in recent months with lots of competition for lower priced properties and most things selling if the vendors are prepared to accept market price.

Most agents I've talked to feel the market isn't quite as strong as it was at the end of winter or in Nov / Dec last year , but from the Sellers point of view there are still plenty of serious buyers out there. Certainly the market hasn't stopped at this stage .

Cliff
 
Continuing high number of sales

Clearance rate holding at around the 75 % mark

Number Listed Auctions: 1058
Number Reported Auctions: 648
Sold: 521
Withdrawn: 50
% Cleared: 75%
Median: $951,250

Cliff
 
see_change said:
Continuing high number of sales

Clearance rate holding at around the 75 % mark

Number Listed Auctions: 1058
Number Reported Auctions: 648
Sold: 521
Withdrawn: 50
% Cleared: 75%
Median: $951,250

Cliff
Click to expand...

Any thoughts on the Median / Prices being achieved? I think last week was ~850 auctions @ 70% clearance. This week its 1050 (200 more auctions) @ 75% clearance rate.
Are buyers stepping up, or are sellers meeting buyers?
As far as medians go, I think last weeks median was also $950K (not always very telling week to week).
 
A combination

Most sellers at the moment are sitting on nice profits as was in our case so they are happy to meet the market

The people who get into trouble and cant sell are those who see one of the highly comparative auctions and then think that is the norm . 15 D wahroonga Ave is a case in point with expecations around 2.5 based on a nearby sale , but IMHO it's not worth that and it's been sitting there for over 6 months . We did for a while ( around three weeks ) , but we were watching the market closely and realized that wasn't the case and when we were prepared to sell at a fair market price sold relatively quickly ( not unconditional yet ) . The buyers were almost paranoid about being gazumped and from what we've seen there is still a sense of urgency in the buyers , BUT , they're aren't prepared to pay over the top unless it's a couple of highly motivated buyers fighting over THE PROPERTY THAT THEY WANT in an auction situation.

Cliff
 
Went to an auction on 26 nov as well to purchase new PPOR. 5 auctions, 2 passed in and 3 sold. All vendors had higher reserves than their properties fetched.

Our home is going on the market now and we have been advised just as Cliff has said. Less buyers, the market has cooled off a bit, agent hopes to sell before Xmas. We have a bit of time up our sleeve, so not much pressure on us as yet.
 
I'm finding a classic symptom of a boom nearing its peak, particularly in the inner west;

vendors with high reserves/expectations after a small reno - auctions full of attendees mostly spectators...those who need to sell will but those who don't pass in and relist on the market with similarly unrealistic expectations which tends to sit there for a while
 
I've been overseas for a few weeks so nothing to report locally as I haven't been out for a few weekends but on the numbers, it looks like the MASSIVE volumes and vendors asking higher prices is having an impact, but not as much as I'd expect.

I would imagine things slow up over the next few weeks and in to January. What happens when the market resumes after the break with more typical volumes will be interesting to see.
 
My friend failed to secure any property in areas between seven hills and Parramatta again on last weekend. His budget is about 1M mark.

He was outbid at Westmead which is a normal single story house, but was sold for 1.3M.

Simply, not many houses for sale in Westmead area. I hope he can get one during holiday period.
 
ToGetProperty said:
My friend failed to secure any property in areas between seven hills and Parramatta again on last weekend. His budget is about 1M mark.

He was outbid at Westmead which is a normal single story house, but was sold for 1.3M.

Simply, not many houses for sale in Westmead area. I hope he can get one during holiday period.
Click to expand...

1.3 for a basic house in Westmead .... SheeZz ... Is it zone medium / high density ?

Cliff
 
ToGetProperty said:
My friend failed to secure any property in areas between seven hills and Parramatta again on last weekend. His budget is about 1M mark.

He was outbid at Westmead which is a normal single story house, but was sold for 1.3M.

Simply, not many houses for sale in Westmead area. I hope he can get one during holiday period.
Click to expand...

That is insane prices if not high density zoning. Some people are seriously gonna get burnt by this, or UNS is "undervalued" :cool:
 
ToGetProperty said:
My friend failed to secure any property in areas between seven hills and Parramatta again on last weekend. His budget is about 1M mark.

He was outbid at Westmead which is a normal single story house, but was sold for 1.3M.

Simply, not many houses for sale in Westmead area. I hope he can get one during holiday period.
Click to expand...

Your friend can have mine in North Parramatta (nearly 900 m2 land, double brick house) for 1 mil, if he is interested. :)
 
XMW said:
Your friend can have mine in North Parramatta (nearly 900 m2 land, double brick house) for 1 mil, if he is interested. :)
Click to expand...

I think they are seriously looking for it during last few months in Parra, Westmead, Mays Hills with walking distance to train station. They saw the price is going up from under 800K to over 1M in very short period. And they known those houses were selling around 500K few years ago.
 
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