Sydney prices " go through the roof " - ABC 24

mikezen said:
How long until Brissie becomes the melting pot of gold :confused::confused:
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Brisbane follows sydney . People get priced out of sydney and move to Brisbane , or sell up and then move there

Be patient grasshopper , your time will come .....:D I hope . I bought in Brisbane last year ;)

Cliff
 
Been going to a few opens around St Clair, Erskine Park area & it's standing room only. Most houses sold on the first open.
 
Sydney's 79.1% on Saturday was on notably lower volumes (though the median is up $50k on last weekend) but it does looks like there's plenty of momentum leading in to spring. I'd say 80% is going to be surpassed a large handful of times in 2014, especially on weekends when volumes are around the 400 mark.

Out my way, the inner west clocked almost 90%.

Giddy up.
 
skater said:
Been going to a few opens around St Clair, Erskine Park area & it's standing room only. Most houses sold on the first open.
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Skater , are these places being listed with a price or going to Auction ?

Has that changed recently or has it been like that for a while ?

Cliff
 
Sydney's west,over rated,over priced,correction will come...Only thing keeping it alive is low rates,centrelink and bogan tenants.

Good luck,imo i can't see the appeal,just a spiel imo.

Cheers Spades.
 
see_change said:
Skater , are these places being listed with a price or going to Auction ?

Has that changed recently or has it been like that for a while ?

Cliff
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Cliff, it's been that way for well over a year now. I thought it might slow down over winter, but it's certainly not. Oh, & the ones I've been going to, aren't your standard 3 x 1 either. Hubby's been toying of upsizing again, so looking for something with either 5-6 bedrooms, and a heap more storeage than we've currently got. Pretty picky this time around, as I'm not going to move again unless it ticks ALL the boxes.

Most of the agents seem to advertise the properties, but do no inspections for the first week or two, then do a property launch, get a heap of people through, and get offers on the day.

If we don't find what we want by September, I think we'll stay put & he can retire. :)
 
Spades said:
Sydney's west,over rated,over priced,correction will come...Only thing keeping it alive is low rates,centrelink and bogan tenants.

Good luck,imo i can't see the appeal,just a spiel imo.

Cheers Spades.
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Show's how little you know about the area. It's not all ex-housing commission, you know.

http://www.realestate.com.au/property-house-nsw-orchard+hills-117203731
http://www.realestate.com.au/property-acreage+semi+rural-nsw-cranebrook-115222175
http://www.realestate.com.au/property-house-nsw-regentville-116927123
http://www.realestate.com.au/property-house-nsw-kemps+creek-117554543
 
I commute by train to work from Blacktown station to the north shore. I always new there were alot of Indians/Chinese between Toongabbie and Harris Park area.

However in recent years I note a trend that more and more of them moving past blacktown to doonside, rooty hill, penrith area.

Note these are not rich Indian or wealthy Chinese. They are just skilled immigrants arrived in Sydney in last few years with a descent job and salary.

Because they don't have long employment history for good borrowing and a small deposit they cant afford $800k property.

bogans will eventually be outnumbered by these hard working immigrants.
 
EN710 said:
Nice... but not that affordable is it not :(
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That's exactly what I was trying to show. People have a stereotypical view of Western Sydney as all unemployed bogans, or very low income families.

Those properties are all in different suburbs. There are a lot of wealthy people out this way.
 
skater said:
That's exactly what I was trying to show. People have a stereotypical view of Western Sydney as all unemployed bogans, or very low income families.

Those properties are all in different suburbs. There are a lot of wealthy people out this way.
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I was hoping I can buy those hahaha :D :D
Got your point though, in every place, there are always the "rich" area :)
 
skater said:
That's exactly what I was trying to show. People have a stereotypical view of Western Sydney as all unemployed bogans, or very low income families.

Those properties are all in different suburbs. There are a lot of wealthy people out this way.
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Having worked out there I can vouch for that . Knew one multimillionaire who lived on luxford rd . Cheap house , weekender on the south coast , nice cars , boat etc . Lots of money to spend on toys :D

Cliff
 
see_change said:
As I turned on the TV this morning ( ABC 24 , 8.20 am ) I was greeted by the lead article in the finance report.

" Sydney Prices go through the roof " further commentary revolved around the current " affordability " of houses in Sydney , median ( ? average price , cant remember which ) had cracked 800K and with the 5 year loans of two major banks dropping below 5 % , the finance commentator predicted further competition as people raced to lock in the low rates .

I tried to find a link but couldn't

Cliff
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$800k.... I've read this three times and I still can't believe it. $800k! Median! Unbelievable!
 
see_change said:
Having worked out there I can vouch for that . Knew one multimillionaire who lived on luxford rd . Cheap house , weekender on the south coast , nice cars , boat etc . Lots of money to spend on toys :D

Cliff
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Hehe, then there's the ones that earn a lot that 'can't afford' to buy out there. Like our old neighbour. He earnt well in excess of $100k, yet couldn't save enough to buy a place.
 
It's a PPOR upgrade. Most nerve wracking experience ever, being the first time we'd ever bid at auction. Very stiff competition. We followed all the SS advice by not jumping in till it was 3rd and final call. Even then, then the price slowly inched up $400k during the course of the bidding. Came back to every bid but the other underbiders weren't daunted though we were bidding strongly. We got it just $1k under our limit. That was close...!

After we move in, the ex-PPOR will be our 1st IP in the inner west. I do believe the inner west has a lot going for it, as I'm hoping to pick up a 2nd IP in the inner west more around your area Richard. Land tax is starting to bite so the logical step after that is to look in a different state. At least some of the cheapie units (Mount Druitt, Gosford) have only $40k land value... I can see why Rixter's strategy was to stick to units and townhouses...
 
I'll be hitting the auctions this weekend in the hope of finding a PPOR. I'm curious to see what competition i'll be up against in the inner west (From Glebe down to Alexandria and across to Leichhardt). Having sold up in Perth and having moved to Sydney I'm over the rental game already... Sinking the amount I do into someone else's mortgage isn't for me. I'd prefer IO and to see some CG. Only thing I'm worried about is having to see how much more expensive things have got since I got here 4 months ago, and then compared to when I first did my research back in Oct '13 before making the decision to move.

Will keep you guys posted on how busy things are...
 
Be prepared for auctions in the inner west be red hot. and for a fair bit of underquoting to be going on. We were quoted $X and secured our place at $(X + 350)k. I feel sorry for people who just go off the price guide. Always get a Residex report done for the property you're interested in. Do you have a good broker who can give you this information promptly? Our broker Jamie M was invaluable during this process.

Pricefinder access was also invaluable during our PPOR hunt, so much better than just using onthehouse or other free resources.
 
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