Thats better than anything in Sydney then. Most properties purchased for 550k 3 years ago would be around 750-800k now.
+1 Agreed !
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Thats better than anything in Sydney then. Most properties purchased for 550k 3 years ago would be around 750-800k now.
Thats better than anything in Sydney then. Most properties purchased for 550k 3 years ago would be around 750-800k now.
As in that's a good return?
That's an excellent return for 3 years by any measure even if they come off by 10% down the track. I don't mean this the wrong way but its not the stock market.Must be because I come from a Melbourne perspective. Not sure about Sydney.
Would a Paramatta apartment really outperform land though? They're selling for what today, $800k? Can get them for $550k 3 years ago? That would be a pretty dismal return in my books given the boom that's gone on, I'd expect to double-triple my money.
As in that's a good return?
As in that's a good return?
Well as I said I'm thinking in terms of Melb. And many things worth 550k 3 years ago are 1m plus today.
But yes any profit is good. Better than losing dough for a start.
That's 12-18% per year increase, and is inalign with Sydney increase for last 3 years. Some suburbs did better, some did worst. This increase can be demonstrated in terms of median increase for a suburb
As for Melbourne, a $550k to a $1m+ in 3 years. That is an exceptional result. Are there one of few suburbs you could share with us that achieved this great result?
What caused the rent drop in 2005/06? Oversupply in the area?
Correct. Oversupply of building , not enough renters.
It will happen again - like Sash says wait until 2018.
David
Would a Paramatta apartment really outperform land though? They're selling for what today, $800k? Can get them for $550k 3 years ago? That would be a pretty dismal return in my books given the boom that's gone on, I'd expect to double-triple my money.
What's happens to sales like these if
there is a correction!
www.realestate.com.au/119976013
www.realestate.com.au/119983869
They will take ar$e whooping...most will be bought by smaller developers who have NFI...they usually end up in bankruptcy or have to sell their PPOR!
Sash, you're probably right but I have to say I find that emoticon at the end of your post distasteful.
I personally take no pleasure whatsoever in watching others make financial mistakes of this magnitude...
Well if you're in this deep you'd surely do your DD?
Clearly they haven't. If that was the case no-one would ever lose money. As sash and Delta are saying, these appear to be ridiculous financial decisions for reasons that are obvious to us. I just don't enjoy watching it happen, that's all - I fully accept that it is happening...
HiEquity,
I do agree with you BUT just as sure as people will make money out of RE people also lose money out of RE. It the informed that succeed and the uninformed that are also greedy that usually lose out. As the stock market legend Warren Buffett has said ?Wealth is the transfer of money from the impatient to the patient.?
Within Sydney, the report revealed there are five extreme seller's markets (Blacktown, central-western Sydney, Fairfield-Liverpool, inner Sydney and outer-western Sydney), seven seller's markets? (Canterbury-Bankstown, central-northern Sydney, eastern suburbs, lower-northern Sydney, northern beaches, outer-western Sydney and St George-Sutherland), two balanced markets (inner-western Sydney, Gosford-Wyong) and no buyer's markets.