See Change and Richard Feynman . let's hype the sydney market thread .
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Why do so many people live in Sydney?
Well not really Sydney, those far away outer suburbs that get so hot in summer and hardly anyone bothers to go to the beach. Fighting traffic, concrete, millions of neighbours.
I simply dont understand it? The big cities are such a magnet but so many live miserable lives there.
Get out to the bush and enjoy things so much simpler, a slower pace, less stress etc.
*****, I should shuddup, sounds good. Forget what I just said.
Well not really Sydney, those far away outer suburbs that get so hot in summer and hardly anyone bothers to go to the beach. Fighting traffic, concrete, millions of neighbours.
I simply dont understand it? The big cities are such a magnet but so many live miserable lives there.
Get out to the bush and enjoy things so much simpler, a slower pace, less stress etc.
*****, I should shuddup, sounds good. Forget what I just said.
I'll ask her tomorrow MsAli.
Ps. I read your interview just the other day. You and monalisa are both smart and savvy. Great work ladies, your two brains combined are waaaayyy more powerful than 1! Keep up the momentum.
Oh btw my colleague is Indian (Punjabi) background so I do understand the appeal of Girraween and Pendle Hill to her.
Cheers.
Ps. I read your interview just the other day. You and monalisa are both smart and savvy. Great work ladies, your two brains combined are waaaayyy more powerful than 1! Keep up the momentum.
Oh btw my colleague is Indian (Punjabi) background so I do understand the appeal of Girraween and Pendle Hill to her.
Cheers.
Thanks Gockie
Girraween, Pendle Hill, Toongabbie are good spots - nice and close to Parramatta, as you say a big Indian community, direct train to the city etc.
We love these areas, and think these have potential - given the proximity to Sydney's second CBD.
I don't have a crystal ball - but gut feel is, these areas will continue to do well.
Thanks Gockie. Let us know. We have networks in the region and can hopefully tee her up with an agent that we did our purchase from in the region. We paid market value (may be even 10-15k more than we would have liked) but less than what others would have paid. We purchased the property the night before the property went on the market! At 10pm on a Tuesday night, even though we came home late after office and only just got a call from the agent at 3pm that day about the listing. As you already know agents want serious buyers who are willing to make deals happen.
I reckon anywhere is good between Wentworthville, Girraween, Pendle Hill, Toongabbie (Parramatta council side is nicer).
Thank you for your kind words! Feel we have a longggg way to go!
Don't buy in to the hysteria, there absolutely is, in just about every suburb west of the city.
there are plenty of places selling for less than a mill...
Cant find anything?
Quick search for "Western Sydney" max $900k.
Only 2400 properties.
Lets narrow it down to $500k max.
Still more than 850 properties and narrowed down to houses units apartments only.
Quick search for "Western Sydney" max $900k.
Only 2400 properties.
Lets narrow it down to $500k max.
Still more than 850 properties and narrowed down to houses units apartments only.
One of the ways is to start with unit first, then upgrade to townhouse or duplex or buy house with bit of work to do on it....
It is affordable still
Not on beach front but plenty of nice places in Sydney are still way under 1m for starting up
What is insane is what people want when it comes to property - then choose to compare it to what their parents were able to afford, but often omitting certain variables.
For example, parents had a 600sqm block near train line. They want a 600sqm block near a train line. However what they neglect to compare is that the parents had a 3 bed fibro house and they want a 5 bedroom McMansion. Add to that, parents made sacrifices whereas the people complaining about housing prices aren't prepared to make any sacrifices. A
Its always amusing reading the articles in tabloid papers when it comes to "property being expensive"
Terry Ryder has an interesting article regarding FHB.
http://www.propertyobserver.com.au/forward-planning/advice-and-hot-topics/39607-great-australian-dream-is-alive-first-home-buyer-stats-debunked-terry-ryder.html?utm_source=Property+Observer+List&utm_campaign=1c29acfea5-27_January_2015&utm_medium=email&utm_term=0_a523fbfccb-1c29acfea5-245329113
http://www.propertyobserver.com.au/forward-planning/advice-and-hot-topics/39607-great-australian-dream-is-alive-first-home-buyer-stats-debunked-terry-ryder.html?utm_source=Property+Observer+List&utm_campaign=1c29acfea5-27_January_2015&utm_medium=email&utm_term=0_a523fbfccb-1c29acfea5-245329113
Definitely agree with that point. The increase is significant. I did some quick calcs a while back and taking into account the lower interest rates, higher pay, etc, the shortfall a person needs to pay to maintain an IP isn't too different.
But its the lack of sacrifices some people are willing to make... then whinge. That's amusing
Totally agree
This 731sqm block, burnt house, in Girraween recently sold for 770k:
http://www.realestate.com.au/property-house-nsw-girraween-118776371
I think Parramatta region is still going strong.
http://www.realestate.com.au/property-house-nsw-girraween-118776371
I think Parramatta region is still going strong.
Even if the median house price hits one million (it's not there yet) that would still mean that half of all houses are priced under one million.
And obviously units are much lower again - the median unit price is about $600K.
Sydney inner-ring property may be 'hot forever', says John McGrath
Economists and property agents are talking up the long-term prospects of properties in inner ring suburbs in Sydney as new figures reveal house prices within a 10 kilometre radius of the city have outstripped outlying suburbs over the past decade.
Suburbs close to the city are becoming so desirable that they will be "hot forever", according to one of the city's most high-profile agents John McGrath.
Although he stopped short of declaring property prices - in those suburbs in a radius roughly 10 kilometres from the city - immune from price falls, the chief executive of McGrath Estate Agents said these areas would always be attractive to buyers because of their proximity to the city, beaches and other lifestyle amenities such as art galleries and restaurants.
"There is just no end of demand from overseas and local buyers who want to live in those precincts," he said.
"There is sometimes a very minor [price] correction for a small amount of time but generally speaking Sydney is becoming a New York. It's a big international city and people want to live in it ... and there's very limited stock available. It's always going to be blue-chip and a market leader."
Nevertheless, Mr McGrath said price growth in the inner ring would lag other suburbs this year because much of it had already "outperformed" other areas.
This is based on the latest data from Domain Group that shows the 10 suburbs with the biggest price growth in 2014 had largely been in the middle and outer rings.
But an analysis by Domain Group's senior economist Andrew Wilson found over the past 10 years the average price of properties within that 10-kilometre radius had risen 71.5 per cent, compared with 48.4 per cent for those more than 10 kilometres out.
AMP Capital chief economist Shane Oliver said there were always circumstances where inner city prices could fall but any fall would be "short-lived and minor".
"There's still going to be interest rate cycles, recessions, building booms and busts, but ... the impact of them on the inner city suburbs tends to be far less than the outer suburbs," he said.
In decades past, residents left the inner city in droves for the space and tranquility of the suburbs. But since the 1960s, waves of gentrification have transformed many former gritty working-class areas of the inner city, such as Paddington and Balmain, into enclaves only the well-heeled can afford.
Bill Randolph, director of the City Futures Research Centre at the University of NSW, said these changing demographics were largely driven by the shift from manufacturing to "high-end, knowledge-based" jobs. And despite more and more dwellings being built in these areas, the exorbitant prices for houses and apartments in most parts of the inner ring
was creating a divided city.
"The middle and lower incomes are being pushed out of the inner city by and large. That's a global trend and I think here to stay for the foreseeable future," he said.
But Professor Randolph warned the rush to increase density in many parts of the inner city could backfire and make it a less attractive to live in if proper planning was not done.
"Within 20 years we could find ourselves over-densifying parts of our cities and they will become less desirable. We don't have the transport systems at the moment to cope with the sort of density that's planned."
http://news.domain.com.au/domain/re...orever-says-john-mcgrath-20150130-1314ty.html
Economists and property agents are talking up the long-term prospects of properties in inner ring suburbs in Sydney as new figures reveal house prices within a 10 kilometre radius of the city have outstripped outlying suburbs over the past decade.
Suburbs close to the city are becoming so desirable that they will be "hot forever", according to one of the city's most high-profile agents John McGrath.
Although he stopped short of declaring property prices - in those suburbs in a radius roughly 10 kilometres from the city - immune from price falls, the chief executive of McGrath Estate Agents said these areas would always be attractive to buyers because of their proximity to the city, beaches and other lifestyle amenities such as art galleries and restaurants.
"There is just no end of demand from overseas and local buyers who want to live in those precincts," he said.
"There is sometimes a very minor [price] correction for a small amount of time but generally speaking Sydney is becoming a New York. It's a big international city and people want to live in it ... and there's very limited stock available. It's always going to be blue-chip and a market leader."
Nevertheless, Mr McGrath said price growth in the inner ring would lag other suburbs this year because much of it had already "outperformed" other areas.
This is based on the latest data from Domain Group that shows the 10 suburbs with the biggest price growth in 2014 had largely been in the middle and outer rings.
But an analysis by Domain Group's senior economist Andrew Wilson found over the past 10 years the average price of properties within that 10-kilometre radius had risen 71.5 per cent, compared with 48.4 per cent for those more than 10 kilometres out.
AMP Capital chief economist Shane Oliver said there were always circumstances where inner city prices could fall but any fall would be "short-lived and minor".
"There's still going to be interest rate cycles, recessions, building booms and busts, but ... the impact of them on the inner city suburbs tends to be far less than the outer suburbs," he said.
In decades past, residents left the inner city in droves for the space and tranquility of the suburbs. But since the 1960s, waves of gentrification have transformed many former gritty working-class areas of the inner city, such as Paddington and Balmain, into enclaves only the well-heeled can afford.
Bill Randolph, director of the City Futures Research Centre at the University of NSW, said these changing demographics were largely driven by the shift from manufacturing to "high-end, knowledge-based" jobs. And despite more and more dwellings being built in these areas, the exorbitant prices for houses and apartments in most parts of the inner ring
was creating a divided city.
"The middle and lower incomes are being pushed out of the inner city by and large. That's a global trend and I think here to stay for the foreseeable future," he said.
But Professor Randolph warned the rush to increase density in many parts of the inner city could backfire and make it a less attractive to live in if proper planning was not done.
"Within 20 years we could find ourselves over-densifying parts of our cities and they will become less desirable. We don't have the transport systems at the moment to cope with the sort of density that's planned."
http://news.domain.com.au/domain/re...orever-says-john-mcgrath-20150130-1314ty.html
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