Western Sydney/Parramatta region market is stupidly crazy

MTR said:
Have been chatting to my contact in Syd a very successful property investor who also runs his own RE business in Syd West, he said that he is starting to see signs of this market slowing down
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MTR, that is my gut feel too. But at the same time, regularly seeing properties sell above asking price in many cases at least in our "backyard". Units (10 years old) that would sit on the market for months @ $229k and then sell at $210k are now selling around $280k or so.....And others that sold for $205k just about 18 months ago are now selling for $275k at least.

Does this potential slowing down mean it's time to jump in? Is it due to Christmas approaching?? But I was watching Chris Gray's show on Sky News and an auctioneer on the show said he sees there to be auctions organised till x-mas eve.

Our BFF just bought a brand new house in North Ryde for $1.66mill :eek: You could pick an old house on the same street for less than $900k and build for $500k (a nice house) = $1.4mill + holding costs....And they said they were fighting with a mainland Chinese couple and a Korean couple, while she is Korean and her husband is from HK.

One of the local agents where we are (10 min to Parra) has only been listing Offers Over $xyz and consistently selling 70k-90k above asking price. We have refused to deal with him and his guys for now.

Since we've stepped back from racing with home buyers, we found a local agent happy to go door knocking for the right property we are after, for us :) We've given him a wish list on what to target. Feels good to put the investor hat on and not be carried away with every other home buyer.
 
As Western Sydney started to rise before the rest of Sydney then it makes sense that it will slow down first too.

Some other areas haven't seen a lot of growth yet. I'm waiting for some of them to move. I have one I would sell if the price was right.
 
I haven't seen a slowdown around here yet, still crazy numbers and lots of people attending opens. I hope it continues for a little while yet, I have a property going to auction on 14 dec.
 
beachgurl said:
I hope it continues for a little while yet, I have a property going to auction on 14 dec.
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Is it a motivated/forced sale? Why did you decide to put it on the market basically, Christmas time?

From my experience Dec/Jan is when people are in time off holiday mode.
 
beachgurl said:
I haven't seen a slowdown around here yet, still crazy numbers and lots of people attending opens. I hope it continues for a little while yet, I have a property going to auction on 14 dec.
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ive never shown much interest in hot markets too much before,

however, low interest rates have been around for a while now, and nothing economically that I can recall is further boosting the growth,

are the local investors and overseas investors simply following the herd and buying buying buying????

as an investor or owner occupier, I would imagine buying near the top of a boom, whilst fighting against 100 other people at inspections, then to see no growth or even a fall would really hurt your ego

are prices been pushed up because of people being emotional, and yes we know the property market is fuelled by emotion :rolleyes:
 
beachgurl said:
I haven't seen a slowdown around here yet, still crazy numbers and lots of people attending opens. I hope it continues for a little while yet, I have a property going to auction on 14 dec.
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We had an open home on our Saturday for our latest property that settled a week ago. One potential tenant sold their townhouse to buy a house and were asking the agent if we wanted to sell. :eek::confused:

Funnily, there was quite a bit of interest with three applications, we negotiated the rent to be a tad higher than advertised :)
 
Reporting in from Sydney South here.
Most stuff around my suburb is around 2 mil, +/- a mil or so.
Quite a few for sale recently and these are all going surprisingly quick, sold signs going up on everything within about 2 weeks.
Nothing is sitting on the market for extended periods as they usually do for this price range.
 
devank said:
Is that allowed??
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I guess it is as they happened to agree to lease it still. There was enough interest to make us wonder if we advertised it lower than we should have. We are spending more on reno than anticipated so I don't mind a tad better rent.......More of CG play with future potential so lower the holding cost for us the better it is :)
 
Rixter said:
Is it a motivated/forced sale? Why did you decide to put it on the market basically, Christmas time?

From my experience Dec/Jan is when people are in time off holiday mode.
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No not a forced sale. Am doing a flip. Ready to go to market on 20 nov but demand suggests an auction could achieve a better price than a private treaty sale.

Usually it does die off but the local agents are not seeing any drop in demand and have auctions booked in December for the first time in years. I guess we will see if the auction pays off or if I may have been better off going private treaty and selling for the highest offer after the first open which is about as long as sub 650k properties are lasting on the market in this suburb.
 
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