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Nine reasons why Sydney is Australia's craziest housing market; Sydney auctions have become so feverish that properties regularly sell for $250,000 above reserve
Topic Started: 21 Feb 2014, 09:46 AM (4,755 Views)
Alex Barton
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Quote:
 
9 Reasons why Sydney’s property market is the country’s craziest

February 20, 2014

1. There is one house (just the one) that could fetch up to $100 million.

Sitting on an almost 7000sq m harbourfront block in Point Piper, the large historic mansion is one of the last of its kind to remain in Sydney’s eastern suburbs. Although the seven-bedroom mega pad has a ballroom, tennis court and stables, it actually doesn’t even have a pool.

2. Sydney’s median house price is now a whopping $654,000.

That means that on the average home across greater Sydney, $25,000 is needed in cash upfront for stamp duty. So Sydney’s first home buyers, who the lenders expect to cough up a huge 20 per cent deposit, will need an additional $130,000 in savings.

3. A house that is on the market for $60 million has been earning a cool $40,000 a week as a celebrity hang out.

The glamorous estate, which has a 20m pool, tennis court, and sprawling 5527sq m grounds has been the temporary home of superstars such as Beyonce and Jay-Z, Angelina and her large baby brood, U2 frontman Bono and Hollywood star Will Smith at as much as $40,000.

4. Apartments in Sydney now have a median purchase price of $518,000 but million-dollar units are no surprise to us.

With a half a million-dollar apartment median, Sydney’s units are the country’s priciest. For the same cash, Sydneysiders could buy an entire house in most other capitals — or two apartments in Hobart.

5. Sydney is home to 197 suburbs where the median house price exceeds $1 million.

Just a decade ago, Sydney was home to 56 suburbs with a million-dollar median or more, but now there are 197 millionaire neighbourhoods. In Melbourne there are just 37 million-dollar suburbs, Perth has 31, Adelaide has seven and Brisbane is home to just six.

6. Sydney auctions have become so feverish, properties can regularly sell for $250,000 more than the set reserve price.

Prices under the hammer can often go $250,000 to $500,000 more than the set reserve price with one very ordinary house in Eastwood selling late last year for $2.385 million — $1 million more than the reserve price.

7. Sydney house to income ratios are “severely unaffordable”.

In the latest Demographia International Housing Affordability Survey, Sydney was labelled as “severely unaffordable”.

The Survey ranks urban housing markets into four categories based on their “median multiple” score, from affordable (3.0 and under) to moderately unaffordable (3.1 and over), then seriously unaffordable (4.1 to 5.0) to severely unaffordable (5.1 and over).

With a score of nine, Sydney is well and truly at the wrong end of the scale. Back in 1981 the median multiple was just five — and even then it wasn’t good.

8. There is a “$30 million plus” apartment for sale with a $100,000 strata bill.

Owned by the late billionaire, Cyril Maloney, the whole floor penthouse in Bennelong Apartments at Circular Quay was on the market three years ago with a $30 million price tag, but failed to sell.

9. And when it comes to real estate marketing in Sydney — anything goes.

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Read more: http://www.news.com.au/finance/real-estate/reasons-why-sydneys-property-market-is-the-countrys-craziest/story-fnd91nhy-1226831746865
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Mustapha Mond
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Alex,
You know the drill.
Supply
And
Demand.
Peter
House market in Sydney is just fine.
It is not crazy it just is.
It's just a brave new world.
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Count du Monet
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Quote:
 
2. Sydney’s median house price is now a whopping $654,000.


Getting ready for a correction.....don't buy now....wait and profit! :D
The next trick of our glorious banks will be to charge us a fee for using net bank!!!
You are no longer customer, you are property!!!

Don't be SAUCY with me Bernaisse
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Dr Watson
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Count du Monet
21 Feb 2014, 10:31 AM
Getting ready for a correction.....
Glenn Robert Stevens has other plans.

He wants higher house prices.

Can you recall a time when a central bank did not have its way?
Edited by Dr Watson, 21 Feb 2014, 10:48 AM.
The trouble with the world is that the stupid are cocksure and the intelligent are full of doubt — Bertrand Russell
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PiratePete1911
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You know I heard these jackasses from REIWA on the radio this week saying don't bother showing up to a home open if you aren't willing to pay 40k+ over the asking price as you just waste the vendors time and It just made me think maybe you assholes should LIST the price as 40k higher to not waste our time driving out to your stupid home open.
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Blondie girl
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Yeah
No wonder someone like Moops is feral frothing at the mouth...

Did you know Moops that when you've got a generous sized posh penthouse, there's restricted access to the complex... Where 1 floor can be devoted to entertaining with the chards & canapés, away from the prying eyes from the rest of the abode...

Can't just rock up & knock on their front door honey dummy..
Just some wise words from someone living in Corpus Christi..Texas....
"Whatever you give a woman, she will make greater. If you give her sperm, she'll give you a baby. If you give her a house, she'll give you a home. If you give her groceries, she'll give you a meal. If you give her a smile, she'll give you her heart. She multiplies & enlarges what is given to her. So... If you give her any crap, be ready to receive a ton of shit."

Political Correctness is a doctrine, fostered by delusionary, illogical minority, & rabidly promoted by an unscrupulous mainstream media, which holds the proposition that is entirely possible to pick up a turd by the clean end... Unknown author..
Hey L.. It's the fire in your eyes that keeps me alive.. You know what I mean ..x I've said it so many times....& mean it..



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themoops
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Blondie girl
21 Feb 2014, 12:18 PM
Yeah
No wonder someone like Moops is feral frothing at the mouth...

Did you know Moops that when you've got a generous sized posh penthouse, there's restricted access to the complex... Where 1 floor can be devoted to entertaining with the chards & canapés, away from the prying eyes from the rest of the abode...

Can't just rock up & knock on their front door honey dummy..
And I care about penthouses why?

C-U-N-T.
stinkbug omosessuale


Frank Castle is a liar and a criminal. He will often deliberately take people out of context and use straw man arguments.
Frank finally and unintentionally gives it up and admits he got where he is, primarily via dumb luck!
See here
Property will be 50-70% off by 2016.
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doubleview
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themoops
21 Feb 2014, 07:41 PM
And I care about penthouses why?

C-U-N-T.
Nail on head!
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themoops
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doubleview
21 Feb 2014, 09:04 PM
Nail on head!
At least the other bulls have a reasonable iq and half of them have the decency to admit it's because of the government stepping in, her being so rich is just a shocker. :lol

The worst things that have ever happened in the world:

Slavery
Blondie being rich.
Genocide
Vietnam War
Etc etc.
stinkbug omosessuale


Frank Castle is a liar and a criminal. He will often deliberately take people out of context and use straw man arguments.
Frank finally and unintentionally gives it up and admits he got where he is, primarily via dumb luck!
See here
Property will be 50-70% off by 2016.
Profile "REPLY WITH QUOTE" Go to top
 
doubleview
Member Avatar


themoops
21 Feb 2014, 09:37 PM
At least the other bulls have a reasonable iq and half of them have the decency to admit it's because of the government stepping in, her being so rich is just a shocker. :lol

The worst things that have ever happened in the world:

Slavery
Blondie being rich.
Genocide
Vietnam War
Etc etc.
Nail on head again!
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