Anyone here know what the top end of Sydney is doing? Like, 5m+? Not that I've won lotto or anything. Just curious and have no idea.
What's Sydney's top end doing?
- Thread starter luce.rocks
- Start date
From my observations, the top end is really starting to move. Notably more are being listed and more are being sold.
Also, Andrew Wilson pointed out that the prestige market pretty much tracks the stock market, and that it's also the last to move in a cycle (cheap stuff first, typical stuff second, high end third). So far, seems to be bang-on.
Also, Andrew Wilson pointed out that the prestige market pretty much tracks the stock market, and that it's also the last to move in a cycle (cheap stuff first, typical stuff second, high end third). So far, seems to be bang-on.
Not sure what is happening in 5 mill Plus . I'd check out title deeds ( SMH column for that ...)
I do know the lower top end is moving . Something that would have been selling for 1.7 - 2 is now aiming for 2.4 - 2.9 . Upper north shore , as new 5 - 6 bed ( read four beds + 2 studies ) with large living areas - pools , close to station .
They are selling where as 18 months ago they were sitting there .
Under 2 mill is hot .
I had a chat with an agent we know last week . She said she was seeing some slight hesitancy to chase prices over 2 mill in recent weeks, which she said was driven by constant media speculation about a bubble . But the most important thing she said was that there are very few new listings coming through. My personal thoughts are that anyone who needed to sell will have already sold , so with buyers still out there and not much on the market , there might be a slight pause , but I expect prices to keep on moving , in particular with the share market looking as though it's going to start kicking on . When you start watching the market closely , you find that sentiment shifts on a monthly basis , so that's nothing new.
Cliff
I do know the lower top end is moving . Something that would have been selling for 1.7 - 2 is now aiming for 2.4 - 2.9 . Upper north shore , as new 5 - 6 bed ( read four beds + 2 studies ) with large living areas - pools , close to station .
They are selling where as 18 months ago they were sitting there .
Under 2 mill is hot .
I had a chat with an agent we know last week . She said she was seeing some slight hesitancy to chase prices over 2 mill in recent weeks, which she said was driven by constant media speculation about a bubble . But the most important thing she said was that there are very few new listings coming through. My personal thoughts are that anyone who needed to sell will have already sold , so with buyers still out there and not much on the market , there might be a slight pause , but I expect prices to keep on moving , in particular with the share market looking as though it's going to start kicking on . When you start watching the market closely , you find that sentiment shifts on a monthly basis , so that's nothing new.
Cliff
And has it already been booming like the rest of Sydney?
ETA: Sorry, that wasn't very clear. I mean if the hesitation is because of speculation of a bubble, is it a 'bubble' in the top end or are they nervous about the 'bubble' in the rest of the Sydney market and how it might affect property prices in the top end if the 'bubble' bursts?
ETA: Sorry, that wasn't very clear. I mean if the hesitation is because of speculation of a bubble, is it a 'bubble' in the top end or are they nervous about the 'bubble' in the rest of the Sydney market and how it might affect property prices in the top end if the 'bubble' bursts?
Definitely agree with this - we were considering upgrading and just decided its cheaper to stay where we are (gordon) and knock down and rebuild.
There is just no stock on the north shore - I used to remember opening the north shore times during breakfast on a saturday morning and it there were so many pages full of stock and now there only a few pages.
Also since entry price in baulkham hills is now $800's you would have to expect that this would have a flow on affect in areas like UNS and LNS.
I think they are concerned about paying too much because the media is calling it a bubble . If it's a bubble and it pops they might be thinking they can buy for cheaper in a few months . I've only seen that happen twice in sydney , in the recession we had to have and the GFC . We're not there .
When prices have jumped up , it can take people a while adjust to this and as prices move up , you will get periods where it plateaux and pauses before it moves again . Just like the share market .
Cliff
Totally agree, that's why I was using the inverted commas. Ain't no bubble I can see! Just normal Sydney. Up, flat. Up, flat.
I know what you mean it makes the upper north shore entry price of a mil worth the extra couple of hundred.
There's also a lot of people moving from inner west to north shore . Small house on a small block with crowded streets and lousy traffic , vs larger house , more space for not much more , probably the best train line , plus the schools ......
Cliff
Definitely more action in the $2+ market. Those with the cashflow and $$ in finance markets have been looking at double digit returns for the last year or so and are slowly backing out of equities and moving to a more conservative position (ie property).
We got gentrification upon gentrification !
Flogging their gentrified million dollar terrace in what was once where the poor lived to move to what was once the domain of the bourgeoisie. Gotta luv it..
We did the same 20 years ago . First house , a California bungalow with outside toilet in concord west . Reno . Sold and moved to pymble in 94 .
It's an ongoing cycle.
Cliff
It's an ongoing cycle.
Cliff
MIW
link not working . Can you save it as an active link ?
Cliff
link not working . Can you save it as an active link ?
Cliff
This is the exact reason we chose Gordon over Surry Hills. Im sure SH floats the boat for many and they would hate to live on the NS but we just couldn't picture living in a shoe box with 20sqm backyard and stones throw from sydney's best methadone clinics.
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Hiya
Surely it cuts both ways. In the last month alone, i know 2 neighbours (and there's going to be a third one very soon) who have sold their big houses to downsize to inner city unit
I'm in the Hills district btw
It does . We're in the process of doing that , though our downsizer is still upper north shore , but smaller house and land so less maintenance and in a nice flat area closer to station .
Still wanted a house , and for work and recreation upper north shore is closer , so less travel . Might buy a small crash pad for inner city at a later date if we feel the need .
We have friends who sold the house and bought in a waterfront block on LNS , but they work in the city .
Cliff
