I have to say, that website is the most ridiculous I've seen in ages...
First, they count only apartments, in the most expensive areas, in the most important capital city of each nation, and pass the figure off as a national price.
Second, you're comparing a tiny area of Sydney, with at most, a population of 50,000; with a tiny area of Tokyo, with at least a population of 500,000.
And it's not even realistic...
Where in Sydney, can you buy an apartment for less than $100,000?
Go less than 10km outside of Tokyo CBD, and you'll find places like this...
2LDK Apartment to Buy in Katsushika-ku - Price: ¥8,000,000 (US $80,000)
An apartment that is believed to be the most expensive one-bedroom property in the world is on sale in Tokyo with a price tag of a cool Y1.8 billion (£14.72 million).
A cool $26.54m.
Where in Sydney could you buy a 1 bed apartment for such a ridiculously high price. The closest I can find is for the record sale price of $16 m for a circular quay unit, apart from the recent sale of two side by side penthouses to be converted into one unit at $21m so this sale was really two units at $10 m each.
Are you really willing to believe some doomsters silly tales that Sydney is like a peaking Tokyo market? When it is now still so much less expensive than crashed Tokyo.
Definition of a doom and gloomer from 1993 The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
I would be very surprised if there wasn't all sorts of radioactive materials all around Japan, I'm not sure what your point is. Also, the news is more than 2 years old, are you simply desperate to find something that helps your leaky case?
Quote:
Are you cherry picking Kulganis?
I prefer to work with aggregate figure they are much more reliable.
However if you like cherry picking we can waste some time debating the top end of the two markets.
The website you quoted, with the sqm price for Japan, uses...
Chiyoda: Banjo and Kojimachi Minato: Aoyama, Harajuku, Shirokane, Azabu, Roppongi, Takanawa and Omotesando Shibuya: Hiroo, Daikanyama, Ebisu, Shooto, Yoyogi-Uehara
To research their figure, not all of Tokyo, and not all of Japan. How is using 14 areas, within districts, even remotely useful as an aggregate figure?
Just as much as Sydney: CBD, Paddington, Darling Point, Double Bay, Kirribilli, Rose Bay, Tamarama, Bellevue Hill, Point Piper, Potts Point, and Vaucluse. Is useless as a figure for anywhere else in Australia.
You weren't discussing top end markets, you said...
Quote:
Japan( $11,466 per sqm) is currently much more expensive than Australia ($7,626 per sqm) even after all the falls.
Japan and Australia, not "Top end Tokyo and Top end Sydney".
Quote:
Are you really willing to believe some doomsters silly tales that Sydney is like a peaking Japanese market? When it is now still so much less expensive than crashed Japan.
I have no idea about a peaking market, I don't have a crystal ball, but I do know that your statement of Japan being more expensive than Australia is so wrong, that I find it hard to even bother with any of what you have to say.
Here are three more properties, all under $100,000, all within the Metro of Tokyo...
"If man is to survive, he will have learned to take a delight in the essential differences between men and between cultures. He will learn that differences in ideas and attitudes are a delight, part of life's exciting variety, not something to fear." - Gene Roddenberry
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I am sure all the bulls will get a chubby over this but what does this mean for your price / income ratio Shadow? This must out the median house price somewhere around 10 or 8 times income?
Sydney's median house price pushes through $800,000
July 24, 2014 - 12:01AM Toby Johnstone
Sydney's median house price has smashed through the $800,000 barrier to reach an all-time high of $811,837, new figures show.
Last month's surge of 3.1 per cent brings the total house price growth for the 2013-14 financial year to 17 per cent, or $118,000, according to the Australian Property Monitors Quarterly House Price Report.
The latest quarterly increase is in line with the March quarter results but still considerably lower than the boom era 5.1 per cent recorded over the quarter ending December last year.
The senior economist at APM and the Domain Group, Andrew Wilson, said: ''December 2013 was the high watermark for Sydney's current growth cycle. However, the market continues to perform."
Apartment prices outpaced house prices over the June quarter, growing by an impressive 3.9 per cent to a record high of $573,255.
The best-performing region for apartments has been the northern beaches. Unit prices have shot up 9.4 per cent in the past six months.
The principal of Belle Property Manly, Brendan Essery, has been amazed by the level of investor activity, particularly in Dee Why, Collaroy and Freshwater.
Where in Sydney could you buy a 1 bed apartment for such a ridiculously high price.
Everywhere!
Aussie does NOT have houses more expensive than the French Riviera because it is in the league of the French Riviera. It has houses more expensive than the French Riviera because of Aussies capacity for self-delusion.
I always laugh when I hear Aussies describing Texas cities as places nobody in their right minds would want to live, when they are the USA’s closest comparison to Australian cities in many ways. Are Australian cities like the USA Northwest? Or the California Coast? SNORT. Face it, Aussie is like Texas. Nobody in their right mind would want to live there in the dust, the steamy humidity some days and the searing dry heat others, the forest fires, the floods, yadda, yadda, yadda.
I would be very surprised if there wasn't all sorts of radioactive materials all around Japan, I'm not sure what your point is. Also, the news is more than 2 years old, are you simply desperate to find something that helps your leaky case?
The website you quoted, with the sqm price for Japan, uses...
Chiyoda: Banjo and Kojimachi Minato: Aoyama, Harajuku, Shirokane, Azabu, Roppongi, Takanawa and Omotesando Shibuya: Hiroo, Daikanyama, Ebisu, Shooto, Yoyogi-Uehara
To research their figure, not all of Tokyo, and not all of Japan. How is using 14 areas, within districts, even remotely useful as an aggregate figure?
Just as much as Sydney: CBD, Paddington, Darling Point, Double Bay, Kirribilli, Rose Bay, Tamarama, Bellevue Hill, Point Piper, Potts Point, and Vaucluse. Is useless as a figure for anywhere else in Australia.
You weren't discussing top end markets, you said... Japan and Australia, not "Top end Tokyo and Top end Sydney".
I have no idea about a peaking market, I don't have a crystal ball, but I do know that your statement of Japan being more expensive than Australia is so wrong, that I find it hard to even bother with any of what you have to say.
Here are three more properties, all under $100,000, all within the Metro of Tokyo...
Are you now going to desperately find more 2 year old news as to why these areas are cheaper than a car parking spot in Sydney?
Kulganis you are cherry picking again. OK Tokyo may offer some cheap apartments in areas closer to the city than Sydney does. But is does not offer hardly if any affordable houses with backyards and those that are available are much smaller than Sydney's. Tokyo also has a really expensive top level apartment market. This is why it is consistently ranked (post crash) as one of the most expensive cities in the world.
The indisputable fact remains that Tokyo has significantly higher prices per sqm than Sydney. Sydney has an average home that is more than double the size of that in Tokyo.
The fact that I was demonstrating is that eejits who say the Sydney market is just like the peak of the Tokyo market need to take a serious look at what they are claiming. Sydney is cheaper than post crash Tokyo full stop and they are trying to frighten young people with such ridiculously implausible scenarios.
It annoys me because these unscrupulous crash spruikers have been misleading young people into making unwise decisions for their own financial future.
Red Rage
24 Jul 2014, 09:40 AM
Everywhere!
Aussie does NOT have houses more expensive than the French Riviera because it is in the league of the French Riviera. It has houses more expensive than the French Riviera because of Aussies capacity for self-delusion.
I always laugh when I hear Aussies describing Texas cities as places nobody in their right minds would want to live, when they are the USA’s closest comparison to Australian cities in many ways. Are Australian cities like the USA Northwest? Or the California Coast? SNORT. Face it, Aussie is like Texas. Nobody in their right mind would want to live there in the dust, the steamy humidity some days and the searing dry heat others, the forest fires, the floods, yadda, yadda, yadda.
I believe you are wrong show me a one Bed apartment in Sydney for above $20million.
Definition of a doom and gloomer from 1993 The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
Yes Ted, rents are dropping in Perth as they do when lots of young people drop out of the rental market and buy their own homes. I have a feeling rents wont stay down for long with this big construction boom coming down the track?
Could you explain the mechanism by which rents will rise as this construction boom takes off?
I am sure all the bulls will get a chubby over this but what does this mean for your price / income ratio Shadow? This must out the median house price somewhere around 10 or 8 times income?
Sydney's median house price pushes through $800,000
July 24, 2014 - 12:01AM Toby Johnstone
Sydney's median house price has smashed through the $800,000 barrier to reach an all-time high of $811,837, new figures show.
Last month's surge of 3.1 per cent brings the total house price growth for the 2013-14 financial year to 17 per cent, or $118,000, according to the Australian Property Monitors Quarterly House Price Report.
The latest quarterly increase is in line with the March quarter results but still considerably lower than the boom era 5.1 per cent recorded over the quarter ending December last year.
The senior economist at APM and the Domain Group, Andrew Wilson, said: ''December 2013 was the high watermark for Sydney's current growth cycle. However, the market continues to perform."
Apartment prices outpaced house prices over the June quarter, growing by an impressive 3.9 per cent to a record high of $573,255.
The best-performing region for apartments has been the northern beaches. Unit prices have shot up 9.4 per cent in the past six months.
The principal of Belle Property Manly, Brendan Essery, has been amazed by the level of investor activity, particularly in Dee Why, Collaroy and Freshwater.
The last time the market turned like this we saw 3 years of 20% growth in prices. That was over 10 years ago. I do not see this buying frenzy being slowed for a while yet.
There is such a huge pent up demand and so much interest from overseas.
The top end is only just starting to get back to 2007 prices.
We have still to see the effects of the usual boom feeding feedback loops of reported profits from real estate which is just what really gets things going.
The economy will also get a leg up as people feel safe enough to access equity to build businesses etc etc.
Plus there is Glenn Steven's residential construction boom, there is nothing like a residential construction boom for a positive economic feedback loop.
Then there is the fact that interest rates cannot be used to slow things down as the rest of Australia still needs this stimulus.
My feeling is that Shadow may get his $1m medium house price in Sydney after all.
If history is any guide, Sydney could be in for a bit of a big leg up over the next few years, it has been in stagnation for so long.
Definition of a doom and gloomer from 1993 The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
II have to say, that website is the most ridiculous I've seen in ages...
First, they count only apartments, in the most expensive areas, in the most important capital city of each nation, and pass the figure off as a national price.
Second, you're comparing a tiny area of Sydney, with at most, a population of 50,000; with a tiny area of Tokyo, with at least a population of 500,000.
And it's not even realistic...
Where in Sydney, can you buy an apartment for less than $100,000?
Go less than 10km outside of Tokyo CBD, and you'll find places like this...
2LDK Apartment to Buy in Katsushika-ku - Price: ¥8,000,000 (US $80,000)
Interesting, given I believe the fair value of the ave Sydney 2 bed aapartment to be about $150,000.
How did you derive this number?
I had someone recently tell me they thought a fair price for an inner north Canberra 2 BR unit to be $80,000. I asked how he arrived at this number but he got angry and wouldn't respond sensibly.
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