Sydney: Home buyers line up for three days to purchase property

I still don't get it.... why would you pay so much for land out that way when you can buy an already built house in the same area for the same end outlay?
 
I read somewhere that the queue started because one person set up his deck chair and then everyone else panicked that it's the last release in the estate and started camping out too. There are pretty big land releases in the suburb next door so you'd think the demand wouldn't be quite so steep.

I wanted to camp out 5 years ago for land at The Ponds (before the days of priority numbers and everyone would sleep in their cars). But I had a newborn at the time so there was no way I could've done it. Looking back the gains would've been massive compared to today's price. Being the last release in this instance tho I doubt they'll be seeing any CG any time soon.
 
This reminds me of the last Perth boom cycle, people lining up for days.

Investors, me included buying up land and taking 6 months for titles to be issued, within that 6 month period the land doubled.

I don't think this could happen here, land doubling in 6 months? that would mean $1M for land:eek:

My entry point was around $150K.

Well for the Sydney investors, keep going you 'Beautiful thing':)

Cheers
MTR:)
 
Is anyone else wondering how a young aged care worker is going to pay for an almost one million dollar house which is what it'll cost when finished? And why anyone in their right mind would even pay ~500k for a piece of land so far out?

I know people who have bought in similar areas in Melbourne and a few years down the track, they have struggled to sell their house for the build price.
 
Is anyone else wondering how a young aged care worker is going to pay for an almost one million dollar house which is what it'll cost when finished? And why anyone in their right mind would even pay ~500k for a piece of land so far out?

I know people who have bought in similar areas in Melbourne and a few years down the track, they have struggled to sell their house for the build price.
I know nothing about this area, but I would be very concerned purchasing in areas/suburbs in the sticks, especially as Syd market has been going strong for the last 2 years, may well end up in tears.
 
Aaron
Is there still an oversupply and prices have continued to go south??
As I have always said it depends on area. Apartments here are not doing very well in the inner-city as there are thousands of apartments that have been built, are being built, or have a permit to be build. Meanwhile houses in the prime areas myself and others invest in have continued to grow at rapid rates.

We had that massive low in 2011-2012 which was the prime time to buy prime real estate here and now the market is up I would say 15%+ on those lows but seems to be continuing to go up as we go into Spring.
 
Those one buying into ponds now will end up in tears, sooner than they think.

Just pure crazy. for Half million dollars, you can easily buy an existing house in Seven hills which has a major train station, as oppose to just a piece of land around 500 m2.
 
Those one buying into ponds now will end up in tears, sooner than they think.

Just pure crazy. for Half million dollars, you can easily buy an existing house in Seven hills which has a major train station, as oppose to just a piece of land around 500 m2.
Yeah but that where is the slick marketing campaign in that! You need promotional material with smiling families riding push bikes and having picnics.
 
People did that here in Melbourne for OTP apartments in Glen Waverley and Docklands and it didn't end well.
LOL a bit off topic, but I was catching the train home one night, there was this MASSIVELY long queue, probably 90-95% Asian...thought it was some sort of creditors meeting or cult members or something, I kid you not.

Only found out 2 weeks after it hit the papers - I could not for the life of me why you'd dump $350K min to buy an apartment about 20kms from the CBD...:eek:
 
Yeah but that where is the slick marketing campaign in that! You need promotional material with smiling families riding push bikes and having picnics.
Too right, if you dont have a clubhouse in your neighbourhood centre you simply arent good enough
 
LOL a bit off topic, but I was catching the train home one night, there was this MASSIVELY long queue, probably 90-95% Asian...thought it was some sort of creditors meeting or cult members or something, I kid you not.
Sounds like what I experienced in Sydney when looking for OTP with CBRE. Hate them (well, their practice) with passion. They do that to build up pressure (people go around marking the unit they want).

Only found out 2 weeks after it hit the papers - I could not for the life of me why you'd dump $350K min to buy an apartment about 20kms from the CBD...:eek:
.... I 'dump' half a mil ppor apartment here with similar distance and will be living here for a bit... :eek: can't get OTP anything near this price nowadays for the same size :eek:
 
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