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

ToGetProperty said:
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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I feel for those missed the boat, especially those first home buys. Unfortunately the market has moved a lot in the last 12 months. I guess for your friend this is Not the time to jump in now.

If they do want to live in above area for whatever reason, rent for the time being is more sensible as the rent is relatively cheap.
 
While many of the pundits are talking about increased supply coming into the market , at least in our local suburb ( until mid jan ..) the amount of supply is at the lowest level in the last six years for this time of the year .

http://www.sqmresearch.com.au/graph_stock_on_market.php?sfx=&postcode=2076&t=1

We haven't seen a big jump leading into Christmas like last year , but the only properties that arn't selling are those which have unrealistic xpctations . We seen multiple auctions occurring where there was an optimistic reserve ( don't blame people for trying ) , the property has been withdrawn or passed in , only to sell in the next 1-4 weeks once the owners realise they won't get that 10 % extra that you can sometimes pick up in a competitive auction .

Cliff
 
Any punts on the clearance rate today?

72-75% is where I'd be guessing.

I still haven't been out and about since returning from overseas but my observations around my area are:

- The available apartments are "leftovers". The pearlers all seem to have been sold in the last 6 months and scraps remain.
- Plenty of stuff going under contract prior to auction.
- Higher asking prices (some way off the mark).
- Lots of new developments (old commercial buildings and some resi being bowled over).
- Developers, almost always putting applications through to fit more stock on sites/reconfiguring after the initial build is approved.

I've been watching the median like a hawk since April. 2 bedders in 2204 (on realestate.com.au) has progressed from:

$550,000 (April 2014) to
$623,000 (November 2014)

13.3% in 7 months ain't bad, especially given the run up in the two years prior.

The rate of price growth is definitely easing up though.
 
im guessing clearance rates would be a bit lower (60s)

With Xmas around the corner and the article about Australia entering a recession (I dont believe it but it might have a small hiccup this month) I think less potential buyers in the market. Plus buying a house now doesnt mean a house for XMAS for owner occupiers.
Did go past an auction in Mt Druitt (Janet St) - 2 lots of 1000m2 each passed in at
$1, 120000 (bit cheap considering comparable single lots were around 650k and a 3rd adjoining lot passing in at around 670k.
 
Final Saturday of the year

Only 395 auctions . Not sure but given its only five days before Christmas id assume that's a high number.

76 % clearance rate which is again holding at just below that 80 rate .

We've sold but it will be interesting to see which way the market goes once the numbers pick up next year .

I'd be surprised if there isn't at least another reasonably strong year , however the economic headwinds are probably stronger at the moment and the liberal government are being fairly insipid in their management of the country and economy .

I've never been a fan of Tony Abbott , but given his experience in the Howard government I hoped he would rise to the occasion , but so far he hasn't .

Cliff
 
J_aco said:
Nothing much happened because you and MsAli didn't spice up the market with a few purchases? ;)

(Enjoy your threads and interview - keep us updated pls! :))
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Cheers J_aco :)

Would have loved to have bought more - but just need to prioritise. We are currently focussing on our first home build; and wanting to focus on applying the skills learnt to help others achieve what we have achieved, and leveraging our networks.

Can't wait to be back in the market!
 
It's still really hot - at least in some parts of Sydney. My colleague (currently renting in Parramatta) has been looking for a PPOR for a while around Pendle Hill, Girraween, Quakers Hill area (good schools, good transport, good neighbourhood etc) and she told me there's some VERY motivated buyers. She's not willing to outdo these other offers. Still lots of demand. I mentioned Blacktown and she said that's also hard. She mentioned some new estate out near Penrith - I couldn't believe she was thinking of living out there.

Anyway, since she mentioned that new estate out near Penrith I also mentioned Mount Druitt, I said at some point in time it must get better but she turned down that suggestion because she said they would be living there for at least 6 years and her son would start school in the location of wherever they move to, so I understand that. Anyway, so she just has to keep looking. I will suggest she makes it know to all the agents she's a serious buyer and let them know what she wants. Otherwise to buy, I guess they either have to wait it out, make higher offers or settle for something not completely ideal.

Or does anybody have any other suggestion? They want a 3/4 bedroom house, and she doesn't drive so there must be good transport.
 
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