Sydney????? time to start buying

L

letiha

Hi Guys

Now that I'm in my house and the days are ticking till I can put it on the market I'm starting to look where to make my next move, the other 3 houses will be built and have tenants (and my mum) in around mid-late march, and we can sell Mum's which will be her PPOR in June.

I think Brisbane is a bit too hot for me to buy, Melbourne too is boiling away, I was thinking that Sydney is looking ripe, in a lot of areas the prices have been stagnant or dropping, IMO its looking like the prices will start to rise, especially since a lot of investors will be prices out off other markets.

I was having a look around Penrith, I can't believe you can still get unts for $130-150k - Can't get stuff like that in Brissy.
 
Timely thread. I think I had this post in the wrong forum so here tis again.

to do a search on places for $200K tops in western sinney. Auburn came up first_http://www.domain.com.au/Public/SearchResults.aspx?mode=buy&state=NSW&areas=Blue+Mountains+%26+Surrounds%2cParramatta%2cWestern+Sydn ey&to=200000&page=1
There are places like bed sits for $100K returning $160 per week. What is wrong with this picture? What am I not getting? The returns seem good? I have to move to sinney with work and was looking at renting for $350per week but at this rate buying is cheaper than renting and I could buy a place then when i leave the rat race rent out? What do you think?
 
letiha

If you are considering investing in Sydney, you may be interested in reading an article in today's Australian newspaper (pp1 and 4), in which it states that Sydney is losing 22,000 people a year to all parts of Australia.

http://www.theaustralian.news.com.au/story/0,25197,22989215-601,00.html

Perhaps Sydney property will continue in the doldrums for a while longer????? I really don't know .....

IMHO, I think property in Brisbane, even though it is quite 'pricey' at the moment, will continue to increase in value for some time yet - the above article points out that there has been an increase in net interstate migration of 10,000+ per annum to Brisbane since 1996, and there is still a shortage of property here.

Cheers
LynnH
 
ianvestor said:
Correction: It said 22,000 citizens a year. But it is actually growing in population due to overseas migration.
Click to expand...

i am curious as to what percentage of migration are relatives of people living here, and how many of that percentage get shacked with existing relos or go into a form of share accomodation
 
Whoops - sorry about that! I missed the bit on page one of the newspaper that said "for every Sydneysider who is forced out by the cost of living, another two are replacing them from the overseas migration program".

It would have been interesting if the figures for all overseas migration to all states were included. I wonder what the figures in the table on p4 of the print version of The Australian would have looked like had these figures been included??

Cheers
LynnH
 
LynnH said:
Shadow

Do you happen to have any info on population growth/trends for Sydney, Brisbane & Melbourne???

Cheers
LynnH
Click to expand...

Hi Lynn... there is some information on the thread below, but not very detailed... the links to Michael Yardney's site has some info...

http://www.somersoft.com/forums/showthread.php?t=38039

There is also some data in Wikipedia...

http://en.wikipedia.org/wiki/Demography_of_Australia#Population_growth_rate

And here is some info from DIMIA...

http://www.abs.gov.au/AUSSTATS/[email protected]=1996 to 2006&num=&view=#Untitled Section

But I'm sure others on the forum can provide better info than this...

Cheers,

Shadow.
 
letiha

If you're interested in further reading on population growth in the various states, try the third reference quoted above by Shadow. Provides for much interesting reading, I thought.

Cheers
LynnH
 
LynnH said:
Whoops - sorry about that! I missed the bit on page one of the newspaper that said "for every Sydneysider who is forced out by the cost of living, another two are replacing them from the overseas migration program".
Cheers
LynnH
Click to expand...

Lynn

They are not necessarily priced out.
Many of those people have moved due to work they've found in other states.
I know a couple of guys who moved to WA and I know another family considering moving to WA
(subject to getting a top paying job they are after).

Don't read too much in newspaper articles.

For example, I got a company to do some work for us before Xmas
and the leading hand had just moved from QLD.
On the other hand, our company is building a tunnel in Brissy
so some of our staff have moved North for the duration of the project.

People move around all the time for various reasons.

Cheers
 
Our research at Metropole shows that the Sydney market has definately started to move - it's about 18 months behind Melbourne and Brisbane u=in the property cycle.

While the latest figuers show an overall growth in Sydney of about 8% lst year this is very deceptive.

Some more affluent suburbs have performed very strongly - drive by owner occupiers and many properties in someouter suburbs are still dropping in value due to mortgage stress.

And this is likley to continue in 2008 as we experience a few more interest rate rises.

We have been following Sydney careully for a couple of years now and believe it is now time to recommend selective purchases in Sydney

Because of this Metropole is opening a Sydney office in the next few weeks - we've already appointed a director for Sydney, someone who knows the market backwards. He's young (compared to me) and keen and has a valuation background, as well as working with some big real estate companies.
 
The CBA property value guide shows that House for the past 3 months in Penrith postocode 2750 had a 4% increase.
http://www.commbank.com.au/pvg/

It's only for houses though.
There are not enough sales data for apartments in that postocode to give a statistically reliable figure.
 
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