Hi ll,
My 2 cents...
In the last cycle , some properties in Kellyville did fall 40%. But these properties in Seymour avenue (near where I live) were bought overpriced at the 900k mark (should've been closer to 750 / 800) and then sold for Mid 5's..
The truer figure was around a 15% drop IMO. My place was valued at 650k in 2003 then around 550k in 2008.
There may be areas that will drop by around 20% by 2018.. I feel for the people who are now paying over $1300 per sqm in Schofields , Riverstone and parts of Kellyville (around Hezlett road). These people will have very little equity when this boom stops , Interest rates go up and unemployment hits.
Some who bought land there in Nort Kellyville 2 to 3 years ago have seen their prices double ... I have a friend who bought a 650 sqm block for 420k less than 3 years ago and its doubled in value since. These people who bought in early will be ok as they have enough equity to ride it out till the next pickup in prices.
The train line will help in 2019 , but most of the growth has already been priced in.
Watch for Sydney prices to pick up again after 2020...
David
My 2 cents...
In the last cycle , some properties in Kellyville did fall 40%. But these properties in Seymour avenue (near where I live) were bought overpriced at the 900k mark (should've been closer to 750 / 800) and then sold for Mid 5's..
The truer figure was around a 15% drop IMO. My place was valued at 650k in 2003 then around 550k in 2008.
There may be areas that will drop by around 20% by 2018.. I feel for the people who are now paying over $1300 per sqm in Schofields , Riverstone and parts of Kellyville (around Hezlett road). These people will have very little equity when this boom stops , Interest rates go up and unemployment hits.
Some who bought land there in Nort Kellyville 2 to 3 years ago have seen their prices double ... I have a friend who bought a 650 sqm block for 420k less than 3 years ago and its doubled in value since. These people who bought in early will be ok as they have enough equity to ride it out till the next pickup in prices.
The train line will help in 2019 , but most of the growth has already been priced in.
Watch for Sydney prices to pick up again after 2020...
David