Though many of us would like to deny it, and the rest of us choose to ignore it, I think the evidence is clear;
Sydney is getting completely out of hand and I am finding even seasoned investors making excuses as to how this or that property in the sticks represents good value for money when clearly and in reality, ALL places are way 'overpriced'.
Some will argue that this is what creates the market...though i think the current market is driven primarily by a false sense of security and a comfort zone with long term low interest rates, sheep mentality, and most importantly; FOMO mentality (fear of missing out)
Many of my friends and family have come out of the woodwork with absolutely no experience or care about property and are buying crappy inner city 1 bed units or properties in nowhereland just so they can keep up with everyone else who is doing the same thing
Personally I have a budget of $900k looking at a PPOR within 10km of CBD and I am perplexed as to how limited my selection is and I would consider myself significantly above average when it comes to personal wealth
The big question ofcourse is; will prices come down when interest rates start trending up or when there is a slight shift in confidence???
Even if the market merely plateau's at this stage, it is still completely unaffordable to the average citizen and unless they decide to replace national parks with houses and units, or everyone gets massive payrises across the board, I just can't see how the market is sustainable at this rate.
Sydney is getting completely out of hand and I am finding even seasoned investors making excuses as to how this or that property in the sticks represents good value for money when clearly and in reality, ALL places are way 'overpriced'.
Some will argue that this is what creates the market...though i think the current market is driven primarily by a false sense of security and a comfort zone with long term low interest rates, sheep mentality, and most importantly; FOMO mentality (fear of missing out)
Many of my friends and family have come out of the woodwork with absolutely no experience or care about property and are buying crappy inner city 1 bed units or properties in nowhereland just so they can keep up with everyone else who is doing the same thing
Personally I have a budget of $900k looking at a PPOR within 10km of CBD and I am perplexed as to how limited my selection is and I would consider myself significantly above average when it comes to personal wealth
The big question ofcourse is; will prices come down when interest rates start trending up or when there is a slight shift in confidence???
Even if the market merely plateau's at this stage, it is still completely unaffordable to the average citizen and unless they decide to replace national parks with houses and units, or everyone gets massive payrises across the board, I just can't see how the market is sustainable at this rate.