Will the Sydney median house price reach $1 million by the end of 2015?

Will the Sydney median house price reach $1 million by the end of 2015?

  • Yes

    Votes: 48 38.4%

  • No

    Votes: 77 61.6%
  • Total voters
    125
It is called FOMO (Fear of Missing Out) syndrome.....my banker told me today that he had a couple who are buying a unit in Merryland NSW for 430k....he says that they are borrowing to the max.

He wanted to say something but could not (bank won't like it)....he believes he says lots of these sorts..and believes they will have issues when rates go up. Particularly if they lose their job or their financial position changes.

Aaron Sice said:
just read TWO MSM articles from different media factions all saying "buy now before you get priced out".

we usually know what that means.
Click to expand...
 
I don't believe it will hit $1M.

Boom times are amazing, everyone is such a winner, making bucket loads of money.

Though I have noticed when markets peak, it does appear to happen over night, that's what you would think, suddenly things start to change dramatically, from no stock, to oversupply.

I would say the average person is not really looking for the signs, changes in the market as they are too busy trying to find deals.

If I am wrong and Syd hits $1M, watch it tumble when the market peaks, especially when people stop buying and property is a bad word.

On a positive note, great for those who jumped in early in the Syd market, plenty of gains... noice:)
 
Ace in the Hole said:
Does any body know the correct current status right now?

This very recent article is stating Sydney's 12-month median house sale price is $750,000.
That does not seem right at all?
http://www.news.com.au/finance/real...not-slowing-down/story-fnd91nhy-1227259908281
Click to expand...

Most of the data providers provide a current median i.e. Residex has it at $911k for the month of February. A 12-month median would presumably take into account prices from 12 months ago to current.
 
We just settled and moved in to our house purchased late last year. The agent advised me the northern beaches stock on market is down from the previous three months. In Dee Why the stock is down 50%. The same numbers of buyers are out there so prices are still being pushed up
 
hobo-jo said:
Most of the data providers provide a current median i.e. Residex has it at $911k for the month of February. A 12-month median would presumably take into account prices from 12 months ago to current.
Click to expand...

I'm very interested in what motivates you. Is it finally being correct about it "crashing", which mind you is something I probably agree with you for once.
 
Deltaberry said:
I'm very interested in what motivates you. Is it finally being correct about it "crashing", which mind you is something I probably agree with you for once.
Click to expand...

It's something I've given passing thoughts to , but personally I would say I'm very interested . For me it's more of passing interest .

Right now , I relaxing on the waterfront at North arm cove , debating what to do today . Bit of a chill in the wind so maybe not a day to go out kayaking or out on the stand up paddle board . Would be ok for sailing . Wander down to the beach and take out the wind rush , or maybe just sit back , relax and read a book . I'm into outlander at the moment . Jamie's been captured by THe Watch . Can Claire and Jenny help him escape .

I spent about two hours yesterday going through posts yesterday on a certain city making summaries , to work out which areas to target , so probably not much time for property today .

Mmmm , dark clouds over towards Newcastle and getting a bit colder . Sailing not looking good .

Cliff
 
My personal take is that Sydney is likely to keep ramping up for longer than any of us Doom and Gloomers expect. We've got low interest rates, unprecedented investor activity, and significant numbers of foreign buyers.

So we could see a million dollar median this year. But there's scope for some very big falls, and if that happens the whole economy will get taken down.

However, I think that Cliff's Sunday afternoon sounds like the best plan. :D
 
Graemsay said:
My personal take is that Sydney is likely to keep ramping up for longer than any of us Doom and Gloomers expect. We've got low interest rates, unprecedented investor activity, and significant numbers of foreign buyers.

So we could see a million dollar median this year. But there's scope for some very big falls, and if that happens the whole economy will get taken down.

However, I think that Cliff's Sunday afternoon sounds like the best plan. :D
Click to expand...

Agree! It will slow down once all the new dwelling supply is completed perhaps in the next 5-10 years or once interest is back up again. (hopefully the new supply can cater for the future population growth and demand).
 
sash said:
It is called FOMO (Fear of Missing Out) syndrome.....my banker told me today that he had a couple who are buying a unit in Merryland NSW for 430k....he says that they are borrowing to the max.

He wanted to say something but could not (bank won't like it)....he believes he says lots of these sorts..and believes they will have issues when rates go up. Particularly if they lose their job or their financial position changes.
Click to expand...

FOMO...that would have to be the most cringeworthy and ridiculous acronym of 2014. Everytime I see it it reminds be of nails on a blackboard.
 
sash said:
and believes they will have issues when rates go up. Particularly if they lose their job or their financial position changes.
Click to expand...

Um of course they will have issues if they lose their jobs! Rates going up is a secondary concern that can be mitigated with fixed rates.

Unemployment and life events such as divorce, having an unexpected baby or getting sick are the biggest causes of serious loan default. Most people live virtually pay to pay.
 
OK Marty M....did you manage to see the Sydney market in 2006?

What happened then?

Marty McDonald said:
Um of course they will have issues if they lose their jobs! Rates going up is a secondary concern that can be mitigated with fixed rates.

Unemployment and life events such as divorce, having an unexpected baby or getting sick are the biggest causes of serious loan default. Most people live virtually pay to pay.
Click to expand...
 
Sydney at $929K in March... http://blog.residex.com.au/2015/05/06/may-property-market-update-3/

That's an increase of $280K since 2012. The average Sydney house has been increasing in value by roughly $2000 a week for the past three years.

Another 8% growth is needed to hit $1M this year. That's 0.75% per month for the next nine months (Apr-Dec).

Residex-Sydney-Mar2015.png~original
 
KangaBanga said:
wow the latter 2 charts look scary, what will happen if it does revert to mean?
Click to expand...

THEY ARE CURRENTLY ON THEIR MEAN, or long term average to be correct ...

Ignore the exponential scales . They give a false indication of what's happening .

If you adjusted those graphs back in time they would look exactly the same .

The important one is the top left and that shows that the Sydney prices are , on a log scale , increasing in line with their long term average , and

HAVE ONLY JUST GOT BACK TO THERE LONG TERM AVERAGE .

Given the market always overshoots , we can expect further increases

Cliff
 
You must log in or register to reply here.

Similar threads

L
Asking Median Price in Sydney At a Record $1m
Replies
3
Views
1K
Lord Shanghai
L
Shadow
Sydney House Price and Mortgage Repayment to Income Ratio
Replies
7
Views
5K
Deltaberry
D
S
Journey so far - $75k salary (average), 5 years, 10 properties
2 3 4
Replies
66
Views
24K
Simon L
S
K
20 US properties in 4 1/2 years
2 3
Replies
57
Views
14K
MTR
MTR
see_change
things looking up in SE Q'land - Michael Matusik
Replies
14
Views
5K
strongy1986
S
Back
Top