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
Thanks Cliff, so in this case it is not too late to buy a home in Sydney Inner-west area or even Penrith for Investment.
I haven't bought in Sydney since August 2013 , and probably the last place I'd buy atm would be outer Western Sydney , including Penrith as an investment esp OTP .

My expectation ( though I may be wrong ) is that in the future ( not sure time frame - maybe 5-8 years ) I will be able to buy properties in the outer west for less than they are selling now .

If you were buying a PPOR , it can be different , but we bought our first PPOR in Concord West in 1987 for around 200 ( reno special with outside toilet...) . ( peak of the market ) We totally renovated it , spent hundreds of hours hours working on it and around 70 K and seven years later sold it for 300 . Once you look at all the costs it was around break even , if that .

When the market stops , IT WILL GO SIDEWAYS for a period of Several years ( IMHO ) .

There are better places to buy for an investment than Sydney ( IMHO )

Cliff
 
Lots of growth has happened already, nobody can guess where it'll stop but don't get sucked in by the fear of missing out (FOMO).
 
I haven't bought in Sydney since August 2013 , and probably the last place I'd buy atm would be outer Western Sydney , including Penrith as an investment esp OTP .

My expectation ( though I may be wrong ) is that in the future ( not sure time frame - maybe 5-8 years ) I will be able to buy properties in the outer west for less than they are selling now .

......
There are better places to buy for an investment than Sydney ( IMHO )

Cliff
Yes, that's what I'm currently interested to invest at the moment in Penrith OTP.

Hopefully all goes well with the Badgery Creek airport and the WestConnex project so that it can boost the economy in Penrith area.
 
Sydney's definitely ran. Too late to get in. Would be a good time to sell in the next 18 months, but even if you missed out on the peak, selling any time after is still fine (provided it doesn't crash, which it probably won't).

A flat market for 7-8 years is equivalent to houses falling around 20-25% in real terms.
 
Yes, that's what I'm currently interested to invest at the moment in Penrith OTP.

Hopefully all goes well with the Badgery Creek airport and the WestConnex project so that it can boost the economy in Penrith area.
While the westconnex is going to be good , I don't see it will fundamentally change the property market in Penrith.

Badgers' creek , they've had that on the drawing board for at least the last two property booms .....:rolleyes:

Cliff
 
Sydney's definitely ran. Too late to get in. Would be a good time to sell in the next 18 months, but even if you missed out on the peak, selling any time after is still fine (provided it doesn't crash, which it probably won't).

A flat market for 7-8 years is equivalent to houses falling around 20-25% in real terms.
Unless you are buying for PPOR in Sydney outer suburbs >12 KM + from the CBD.

and then hold it for another 20 yrs or so...
 
While the westconnex is going to be good , I don't see it will fundamentally change the property market in Penrith.

Badgers' creek , they've had that on the drawing board for at least the last two property booms .....:rolleyes:

Cliff
Let's hope that those two infrastructure project is completed by the next Federal Govt.

My understanding is that when those two big project finished, then Pnerith will be the third CBD after Parramatta. is that make sense or I'm totally confused myself here ?

I'm open for any suggestion and ready to be humbled by any means.
 
Liverpool is considered the third CBD.
Penrith is pretty much it's own centre
From this news article recently: http://www.smh.com.au/business/fede...-2015-winners-and-losers-20150512-1mzi3h.html

Losers

Public transport users, after Tony Abbott refuses to fund urban projects
Victoria facing demands to hand back $1.5 billion of East West Link cash
Sydney residents hoping for a rail link to new airport
It seems that the badgery creek rail won't be established soon.
 
I haven't bought in Sydney since August 2013 , and probably the last place I'd buy atm would be outer Western Sydney , including Penrith as an investment esp OTP .

My expectation ( though I may be wrong ) is that in the future ( not sure time frame - maybe 5-8 years ) I will be able to buy properties in the outer west for less than they are selling now .

If you were buying a PPOR , it can be different , but we bought our first PPOR in Concord West in 1987 for around 200 ( reno special with outside toilet...) . ( peak of the market ) We totally renovated it , spent hundreds of hours hours working on it and around 70 K and seven years later sold it for 300 . Once you look at all the costs it was around break even , if that .

When the market stops , IT WILL GO SIDEWAYS for a period of Several years ( IMHO ) .

There are better places to buy for an investment than Sydney ( IMHO )

Cliff
Cliff just curious if you held it for 3 years longer how much would it have gone for?
 
hehe if you are speculating in property might as well go where the smart money is :D

The real lucky ones will be those that cash out before the inevitable price drops when the interest rates go back up to 10%.
 
You guys who owned property in Sydney are lucky. I bought in bne in 2008 and haven't seen 50% gains
Sorry , Luck doesn't come into it . Maybe that sounds arrogant , but it's the truth .

If you watch the market closely and know what you are doing you would have been buying in Sydney in 2008 , though we waited until after the GFC hit and started buying in sydney in 2009 and stopped in late 2013 . The last property we bought in Aug 13 is already up over 50 % and it's in a nice suburb .

There are plenty of people on the forum who were buying in sydney before that who have done better,

Brisbane ... we bought in 2013 when prices were below 2008-2009 prices... Luck .... mmm

I wouldn't have bought in Brisbane in 2008.

I believe in the saying , " the harder I work , the luckier I get ..."

Cliff
 
hehe if you are speculating in property might as well go where the smart money is :D

The real lucky ones will be those that cash out before the inevitable price drops when the interest rates go back up to 10%.
If that's your attitude , I wish you luck ....

The reality is the basics of property aren't that difficult .

Cliff
 
ooops , only84 % clearance today

Bit of a down day in sydney with only an 84 % clearance ..

Though the median did get up to $1,095,000 .. not that size matters ( go the swannies ... )

Number Listed Auctions: 556
Number Reported Auctions: 438
Sold: 390
Withdrawn: 24
% Cleared: 84 %
Total Sales: $380,281,050
Median: $1,095,000

Cliff
 
Cliff just curious if you held it for 3 years longer how much would it have gone for?
Don't know , though I don't thing the market boomed between 94 and 97 .

We sold in Concord and bought half an acre in Pymble for under 600K which we were able to subdivide ..... though that wasn't the plan when we bought it and it didn't comply with council guidelines ....

Maybe we were lucky :D

the property we subdivided in Pymble would be worth a lot more than the property we sold in concord now .

Think we did better by buying in Pymble , and it was the start of my education in property investing . I don't think somersoft existed then ....

Jan , sim , where where you ?? :confused::mad::(

Clif
 
hehe if you are speculating in property might as well go where the smart money is :D

The real lucky ones will be those that cash out before the inevitable price drops when the interest rates go back up to 10%.
If you honestly believed that you could short the bonds now and make millions.
 
Interesting read , First on Sydney ,but also the mention that they may limit borrowings on Superfunds buying in Property .They have talking about this for several years now , but are yet to do anything about this. I know that because similar talk was one reason why we borrowed as much as we could to leverage into property in our SMSF .

Again the wisdom of doing that depends on the underlying investment property .

Care of the Sydney Boom our SMSF funds is up around 50 % in the last three years .

Cliff
 
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