Sydney median auction result yesterday $1.1 with 85% clearance rate and good volume. Getting silly when an average house in ryde sells for $1.6
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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.
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.
Time to offload your B and C grade properties in Sydney.
Time to offload your B and C grade properties in Sydney.
Actually this time....the A,B, and C stuff....
The clock just struck mind night...if you are Cinderella...you better get in carriage before the carriage and horses into pumpkins and mice.
Actually this time....the A,B, and C stuff....
The clock just struck mind night...if you are Cinderella...you better get in carriage before the carriage and horses into pumpkins and mice.
I might have voted maybe , but I think 19 % in that time is pushing it .
I think 930 - 960
I would have for yes for 2016
Cliff
Sorry Sash but not the way the resi market works IMO. There will be a clear turning point which will be evident to those who follow the market then 6 months to get out then followed by media reports of a bad property market about 6 months after that which will come as a shock to the general public.
When is the turning point (12 + months from here ).
Sorry Sash but not the way the resi market works IMO. There will be a clear turning point which will be evident to those who follow the market then 6 months to get out then followed by media reports of a bad property market about 6 months after that which will come as a shock to the general public.
When is the turning point (12 + months from here ).
What are your thoughts now Cliff?
The log graph is the most telling .
Clearly shows that Sydney has been undertrend for the last four years and has only just got up to its long term trend line .
With each previous boom it peaked comfortably above the long term trend before going sideways for a while , so if history repeats we're in for another 1-2 years of growth and in the last two cycles that period has been the period of strongest growth..... and if that happens , eat my equity hobo ....
Looks like we might make that 1 mill mark . I think I voted no , but now I'm thinking differently .
Cliff
Yep...the turning point is about now....early next year will be bad reports. The trouble is human greed keeps pushing in the hope of more returns...
I know..I know...I am doomsayer....what can I say?
Gee sash you're almost going overboard with the negativity ...
Hobo hasn't hacked your login
I don't know how long this will go on but I think that pepole who predict a certain date or year as a turning point etc are fooling them selves . People were predicting a GFC FOR MANY YEARS prior to it actually happening , in fact for as long as I've been interested in investing.......
Lots of people were talking about underlying economic problems but the reality is that many Issues are also frequently raised as problems that will cause a crisis . I remember the Japanese banking system was going to cause a global collapse ...
Cliff
I intend to profit on it...so its okay to break my bubble (get the pun )
I'm well aware that I could be wrong, my guesses are little more than a punt based on policy I expect and data I'm observing.I don't know how long this will go on but I think that pepole who predict a certain date or year as a turning point etc are fooling them selves . People were predicting a GFC FOR MANY YEARS prior to it actually happening , in fact for as long as I've been interested in investing......