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

These people are called sheep; one lines up and everyone follows. Like a coffee shop where you see so many people waiting for their coffee. Do they actually enjoy that much or just like standing there like the rest and get noticed like they are part of something.

Speaking about this with my work mates now in the office who all live out west. They gave me an example of a couple who bought here 2 years ago, sold after 6 months and rented in the city. They spent 1.5 hrs each way travelling to work, paid 60 bucks each a week on bus and train fare.

I guess my point is that some of these buyers paying and lining up for such overpriced land out west don't take into consideration the way of life, travel to work time and costs to also build after buying the land. They just like the idea of having land, build and having dream home. I guess there is nothing wrong with chasing the dream on having a brand new house, but please also consider other factors before committing and not just following everyone else.

If the so called bubble pops, the ones out west will get hit first.

I dont think the people who were lining up for 3 days to get their block of land for 3 days are sheep. They are probably people who want to live in the area really badly. It takes alot of patience to wait 3 days for a block of land and commitment and to label them sheep is probably a bit over the top. I agree the prices in nor west area are too high but its like the whole sydney market at the momment and they will not be the first people hit when or if the bubble bursts. The people who are paying 1million plus for terrace houses closer to the city will be the ones hit hardest first
 
Speaking about this with my work mates now in the office who all live out west. They gave me an example of a couple who bought here 2 years ago, sold after 6 months and rented in the city. They spent 1.5 hrs each way travelling to work, paid 60 bucks each a week on bus and train fare.

I guess my point is that some of these buyers paying and lining up for such overpriced land out west don't take into consideration the way of life, travel to work time

Umm you do realise that not everyone in Sydney works in the CBD yes? Tonnes of employment close to home in north west and western sydney.
 
I dont think the people who were lining up for 3 days to get their block of land for 3 days are sheep. They are probably people who want to live in the area really badly. It takes alot of patience to wait 3 days for a block of land and commitment and to label them sheep is probably a bit over the top. I agree the prices in nor west area are too high but its like the whole sydney market at the momment and they will not be the first people hit when or if the bubble bursts. The people who are paying 1million plus for terrace houses closer to the city will be the ones hit hardest first

I don't know why you think inner city terraces will get hit first. The demand in inner city is a lot higher and the type of people who live here have higher income and are usually white collar.
 
Anyone notice the insightful coment from the real estate agent at the end...

.Real estate agent Michael Harris from Raine & Horne Newtown said he has not seen too many discouraged first-home buyers in the market in the past couple of months.

"I haven't heard anyone say it's too hot," he said.

S? frustrating how articles have to always quote crap coming out of agents mouths.
 
I don't know why you think inner city terraces will get hit first. The demand in inner city is a lot higher and the type of people who live here have higher income and are usually white collar.

From 600k to drop is a big fall but to drop from 1mill to 2mill is even a bigger drop. If we are talking percentage wise drop the outer suburbs may be hit harder but if we are talking pure dollars then the inner city suburbs will be the most effected
 
Anyone notice the insightful coment from the real estate agent at the end...

.Real estate agent Michael Harris from Raine & Horne Newtown said he has not seen too many discouraged first-home buyers in the market in the past couple of months.

"I haven't heard anyone say it's too hot," he said.

S? frustrating how articles have to always quote crap coming out of agents mouths.

Too be honest , that is useful information ( assuming it's correct :rolleyes:) . We will get to a point where people start complaining to agents that they can't afford to be when they keep on getting outbid and it is too hot .

For me that comment is another indicator that the market has a way to go .

Cliff
 
I was talking to someone who lives up that way at work the other day. They mentioned these land sales would have been ones that were being resold by people who bought it off landcom and that such land releases would not be handled by real estate agents such as LJ hooker (apparently the office that was selling these empty lots).

Can anyone confirm if this was the case?
 
Too be honest , that is useful information ( assuming it's correct :rolleyes:) . We will get to a point where people start complaining to agents that they can't afford to be when they keep on getting outbid and it is too hot .

For me that comment is another indicator that the market has a way to go .

Cliff
I dont believe most things agents tell me, especially when they are quoted in the media.
 
I know someone fairly young, first home buyer with her partner who have decided to buy land in the Central Coast then build on that simply because Sydney is too expensive. So for what she could get here in Sydney for say 700k+ she could build a house with reasonable land in the Central Coast for 500k. The same 500k budget here in Sydney would just be a 2br unit in say Parramatta. She works just 1 suburb away from me but properties here are very expensive, even villas are going for the $1mill mark.

Personally I think the commute to work in Sydney would be a killer for me, no way would I want to live in the Central Coast and work around here but that's what they decided to do... She's worried because in the meantime they still have to pay rent (Scholfields in North Western Sydney) while the house is being built (could take a while to build) and next month they also have to start paying the mortgage on the land and then also payments for the home building, something like 3k/month mortgage repayments. They decided on the new build due to the government FHBG. I didn't want to say anything however I'm just glad I'm not in her position, I've got my home mortgage well under control, & investments doing well... Yes there are fast express trains from the Central Coast to Sydney but still, if you work close to home and/or have frequent public transport coming all the time then you have the freedom to disregard the timetables, which if you live in more distant locales you can't really do.

Speaking of silly work commutes my boss lives just south of Newcastle yet works in our office in Parramatta three days a week... He likes his job (he drives to work) and his wife's family are up there....
I think it's crazy...
My partner's currently working in Canberra (consultant at a large company) and he comes back to Sydney for the weekends.... He is hoping he doesn't have to do that much longer!
 
People in The Ponds don't like to be called 'West' they consider themselves to be 'North-West'. They like to think they are Part of 'The Hills' but they are actually part of Blacktown. I don't know why people would bother buying there when they could buy at Ropes Crossing for hundreds of thousands of dollars less and still be in the same area of Sydney.
 
People in The Ponds don't like to be called 'West' they consider themselves to be 'North-West'. They like to think they are Part of 'The Hills' but they are actually part of Blacktown. I don't know why people would bother buying there when they could buy at Ropes Crossing for hundreds of thousands of dollars less and still be in the same area of Sydney.

Because the neighboring suburb is Stanhope Gardens, not Willmot.
 
From 600k to drop is a big fall but to drop from 1mill to 2mill is even a bigger drop. If we are talking percentage wise drop the outer suburbs may be hit harder but if we are talking pure dollars then the inner city suburbs will be the most effected

Yep, this makes complete sense. I agree hat if a percentage drop across the entire Sydney, the dollar figures in the inner city will be more.
 
Umm you do realise that not everyone in Sydney works in the CBD yes? Tonnes of employment close to home in north west and western sydney.

True but the CBD workers are most likely on better income due to more senior roles at bigger companies, and the pay is better in the city compared to Western Sydney. For example, a mid age couple both work in the CBD on a good salary and buy in Kellyville. They later loss their job in the CBD and look in Western Sydney. They will most likely take a pay cut of 10-30% for the salary around the 100k mark.
 
Mighty Will -- not necessarily. There a lot of big companies that are moving HQ out of the city because they are growing and cannot afford it or just want to spread out. A couple of the Big 4 Banks have operations out at Sydney Olympic Park for example. The senior staff there get paid just as much as the staff in the city (based on experience etc).

Just my 2c
 
Mighty Will -- not necessarily. There a lot of big companies that are moving HQ out of the city because they are growing and cannot afford it or just want to spread out. A couple of the Big 4 Banks have operations out at Sydney Olympic Park for example. The senior staff there get paid just as much as the staff in the city (based on experience etc).

Just my 2c

Good income in the burbs, so move to the burbs, then out of the blue you are told your job has been transferred back to the CBD. The majority of bosses won't move out of the city so middle managers are generally in the burbs for a limited timeframe or limited salary.
 
Its also next to Parklea Correctional Facility ;)

This seems to make very little difference to buyers in this area, probably because it's a privately run facility with predominantly inmates on remand and day release programmes from my understanding. Do you think Malabar/Maroubra has been affected by the presence of Long Bay?
 
True but the CBD workers are most likely on better income due to more senior roles at bigger companies, and the pay is better in the city compared to Western Sydney.
Have you been to the Olympic Park?
Do you know where Woolworths is located and how many people they employee?
Do you know where one & only water utility in Sydney is located??
 
Definitely like to see more and more high paying jobs going away from CBD.

I would really like to see Marsden Park (Sydney Business Park) to be developed into a quality business park with many multinationals with high paying jobs over next 10 years. This would encourage people to move away from 10km from CBD area.
 
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