I bought several around that time & all of them under $200k.
To cut a long story short, this one was listed with an out of area agent, who just wanted a sale.
He got it!
Will the Sydney median house price reach $1 million by the end of 2015?
- Thread starter Shadow
- Start date
I bought several around that time & all of them under $200k.
To cut a long story short, this one was listed with an out of area agent, who just wanted a sale.
He got it!
Yes, the NSW economy is on the turn. Up. Last month it took over from WA as the strongest state economy.
Sydney house prices will keep growing for another year at least, and probably longer if we get the two expected interest rate cuts in February/March.
So a 'sucker' in your opinion is somebody who has just made a 10-15% capital gain over the past 12 months? Strange definition.
Anyway, you've probably been saying that since Steve Keen sold his Sydney home in 2008. Sydney prices are up more than 50% since then.
Sydney median house price exceeded $900K in December, according to the Residex index...
http://blog.residex.com.au/2015/02/04/property-market-update/
Could it hit $1M this year? If interest rates keep falling it seems increasingly likely...
http://blog.residex.com.au/2015/02/04/property-market-update/
Could it hit $1M this year? If interest rates keep falling it seems increasingly likely...
Cool. But it's just a number.
For Sydney to hit a million, prices would need to rise by about 11% during 2015. If the dollar falls then there could be increased demand from overseas, and a couple of interest rate cuts could inflate things further...
So I'd agree that it could get there by the end of the year.
But the article that Shadow linked to is incredibly bearish for something coming from the real estate industry. I'm inclined to agree with its sentiments, see my tagline, and I believe that there's a real risk of a blow out. Sydney property prices are in the "doesn't end well" zone when compared to markets in recent history.
That said, I spent the last few years living in London, and the housing market there really doesn't make any rational sense. So what do I know?
So I'd agree that it could get there by the end of the year.
But the article that Shadow linked to is incredibly bearish for something coming from the real estate industry. I'm inclined to agree with its sentiments, see my tagline, and I believe that there's a real risk of a blow out. Sydney property prices are in the "doesn't end well" zone when compared to markets in recent history.
That said, I spent the last few years living in London, and the housing market there really doesn't make any rational sense. So what do I know?
http://news.domain.com.au/domain/re...ow-in-milliondollar-club-20150207-1388if.html
A quarter of Sydney suburbs now in million-dollar club
The property boom in 2014 has bumped the median house price of one in every four Sydney suburbs over the million-dollar mark.
With Domain Group data showing the median house for the city overall leaping 14 per cent to $837,786 over the past year, now a total of 204 suburbs out of the more than 800 Sydney suburbs (including the Central Coast and Blue Mountains) are members of the formerly much more exclusive million-dollar club.
That's an incredible 25.5 per cent leap from just six months ago when only 173 had met the magic million mark.
Sydney has not just broken through the 200th suburb barrier, it's absolutely smashed it.
The numbers are in stark contrast with the rest of Australia. Melbourne has only 49 million-dollar suburbs, up from 43 six months ago, Perth 24, down from 26, Adelaide seven, up only one from June 2014, and Brisbane just five, a figure that didn't change in the second half of last year.
A quarter of Sydney suburbs now in million-dollar club
The property boom in 2014 has bumped the median house price of one in every four Sydney suburbs over the million-dollar mark.
With Domain Group data showing the median house for the city overall leaping 14 per cent to $837,786 over the past year, now a total of 204 suburbs out of the more than 800 Sydney suburbs (including the Central Coast and Blue Mountains) are members of the formerly much more exclusive million-dollar club.
That's an incredible 25.5 per cent leap from just six months ago when only 173 had met the magic million mark.
Sydney has not just broken through the 200th suburb barrier, it's absolutely smashed it.
The numbers are in stark contrast with the rest of Australia. Melbourne has only 49 million-dollar suburbs, up from 43 six months ago, Perth 24, down from 26, Adelaide seven, up only one from June 2014, and Brisbane just five, a figure that didn't change in the second half of last year.
The maths skills are not strong with this one....173/800 to 204/800 is a 25.5% leap?
And since when would 4 over 200 be considered smashing it, rather than a simple breakthrough?
ROFL
Does that reflect the math skills of property watchers in general
Does that reflect the math skills of property watchers in general
204/800 is 25.5% ... looks like the author either expressed himself very badly, or misread/misunderstood the figures in the press release from Domain.
getting out at the top is always the real skill. even these guys seem to sugges the bubble could go a little bigger yet
http://www.businessspectator.com.au...l&utm_content=1133429&utm_campaign=am&modapt=
Saturday 14th February 2015
Number Listed Auctions: 453
Number Reported Auctions: 372
Sold: 320
Withdrawn: 12
% Cleared: 83 %
Total Sales: $272,333,889
Median: $919,000
Number Listed Auctions: 453
Number Reported Auctions: 372
Sold: 320
Withdrawn: 12
% Cleared: 83 %
Total Sales: $272,333,889
Median: $919,000
It is also strange that The Blue Mountains and the Central Coast have been included in the 'Sydney' study. Isn't that taking the Mickey?! I.e. by adding another 100 or so suburbs that these two areas effectively add; and with both CC/BM having far less $1million+ suburbs; aren't the data source effectively 'watering down' the total number of million dollar suburbs for its 800-strong 'Sydney' list? I.e. if it just used the 700 or so purely Sydney metro suburbs only, the % $1 million+ suburbs would be way higher.
I agree that 1,000,000 is just a number but adding non-Sydney areas into a Sydney study is skewing the data considerably.
I agree that 1,000,000 is just a number but adding non-Sydney areas into a Sydney study is skewing the data considerably.
This would be more of an "issue" if we were looking at average, rather than median prices but even so, the volume of sales in the mountains, on the central coast etc aren't that high so they don't have a major impact on the data. I think the combined population of those two regions is around 300,000 people.
I thought I'd share this too:
Nice post Richard.
I think it will get there now. I follow the Sydney APM auction median price results religiously each week and it really seems to be closely correlated with the official median house price data with a bit of a time lag and it has been regularly hitting $900K +. It got to the $1m mark back in September last year but that was a one off from memory.
I think it will get there now. I follow the Sydney APM auction median price results religiously each week and it really seems to be closely correlated with the official median house price data with a bit of a time lag and it has been regularly hitting $900K +. It got to the $1m mark back in September last year but that was a one off from memory.
Saw an episode of Selling Houses Aus last night - focus on a dumped-out period house in Haberfield, near Sydney.
The joint got the usual quick make-over by the team, but in the end it was still just a 3 bed home with one bath, a dumpy shed/garage, no pool or views.
Admittedly it was not far from CBD, a period home with cornices, lead light etc, but still a very old house structurally.
I've lived in these types of houses - unless you throw some serious reno money at them, they are drafty, cold and hard to heat (they did no heating improvements on this place) and ongoing repairs galore.
And it sold for $1.85mill
Astounding insanity.
If this is the trend; yer $1mill median is about a month away.
The joint got the usual quick make-over by the team, but in the end it was still just a 3 bed home with one bath, a dumpy shed/garage, no pool or views.
Admittedly it was not far from CBD, a period home with cornices, lead light etc, but still a very old house structurally.
I've lived in these types of houses - unless you throw some serious reno money at them, they are drafty, cold and hard to heat (they did no heating improvements on this place) and ongoing repairs galore.
And it sold for $1.85mill
Astounding insanity.
If this is the trend; yer $1mill median is about a month away.
Saw an episode of Selling Houses Aus last night - focus on a dumped-out period house in Haberfield, near Sydney.
And it sold for $1.85mill
Astounding insanity.
If this is the trend; yer $1mill median is about a month away.
That was 40 Kingston Street - that sold last August.
A period house on 700 m2 in the Inner West - good buying !
The market there has moved on quite a bit since then.
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