From: Robert Forward
Hi Everyone
I'm just posting what I see happening in my area that I live. How about we all add to this post to see if there are some commonalities that are forming around Australia
With the increase of prices in Sydney you will still find it extremely hard to find a cashflow positive property. Especially at the moment, take for instance my area that I live. Over the past 4 weeks the "For Lease" section in the local rag was 2 1/2 pages big, last week it was 4 and this week it is now 5 1/2 pages long.
Now, I went hunting last weekend for a 3 bed rental house to live in. 3-6 months ago I would have been paying $320+pw last weekend showed that rentals have fallen dramatically and I can now rent a 3 bed house in my area for $260/270 negotiable (so lets say $250pw).
So there is going to be some landlords that are really going to start hurting soon as who is really going to move over the Xmas period.
I have an RE Agent who is taking a property to auction on the 15/12 and he's said "It must be SOLD" as the owner has committed elsewhere and it must be sold prior or at auction. The Agent is getting desperate with his calls, he rang me 4 times on the same day. The owner needs to sell and auction clearance rates are dropping dramatically.
So what I see occurring is possibly the start of the drop/correction of Sydney property prices. I state this is only what I see and only in the area that I know in Sydney, the market could be at different stages throughout the rest of Sydney but I do know that Sydney's vacancy rate is now heading towards double digit figures (they are already there in my area).
Looking forward to everyone elses comments.
Cheers
Robert
The Sydney "Freestylers" Group Leader.
PS: "Be Not Afraid Of Growing Slowly, Be Afraid Of Only Standing Still."
Hi Everyone
I'm just posting what I see happening in my area that I live. How about we all add to this post to see if there are some commonalities that are forming around Australia
With the increase of prices in Sydney you will still find it extremely hard to find a cashflow positive property. Especially at the moment, take for instance my area that I live. Over the past 4 weeks the "For Lease" section in the local rag was 2 1/2 pages big, last week it was 4 and this week it is now 5 1/2 pages long.
Now, I went hunting last weekend for a 3 bed rental house to live in. 3-6 months ago I would have been paying $320+pw last weekend showed that rentals have fallen dramatically and I can now rent a 3 bed house in my area for $260/270 negotiable (so lets say $250pw).
So there is going to be some landlords that are really going to start hurting soon as who is really going to move over the Xmas period.
I have an RE Agent who is taking a property to auction on the 15/12 and he's said "It must be SOLD" as the owner has committed elsewhere and it must be sold prior or at auction. The Agent is getting desperate with his calls, he rang me 4 times on the same day. The owner needs to sell and auction clearance rates are dropping dramatically.
So what I see occurring is possibly the start of the drop/correction of Sydney property prices. I state this is only what I see and only in the area that I know in Sydney, the market could be at different stages throughout the rest of Sydney but I do know that Sydney's vacancy rate is now heading towards double digit figures (they are already there in my area).
Looking forward to everyone elses comments.
Cheers
Robert
The Sydney "Freestylers" Group Leader.
PS: "Be Not Afraid Of Growing Slowly, Be Afraid Of Only Standing Still."
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