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Sydney Property Buyers Have Lost Touch With Reality; Median property prices across Sydney out of control
Topic Started: 13 Aug 2014, 10:50 AM (5,885 Views)
cokatoo56
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after visiting a few units recently in Sydney, the resp. agent initiated to call me to ask if I was interested and each time I answered I was not, he went on to ask many questions like: what suburbs are you interested in? What is your price range? Etc... And : I'll search what I have and will call you back.

This is very new. Agents used to not give a **** about you potential buyer.
Is it a sign that demand is not there anymore?

I've met agents who seemed so nice to offer to open the unit just for me "anytime you like", shall I want to visit it again. Until recently, it was impossible to have these lazy agents arranging a visit other than the visit planned on Saturday morning, in that short 30 minutes time frame.

Moreover, graphs on real estate. Com show that demand is going down.
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Trojan
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ggriff
28 Aug 2014, 11:45 PM

http://www.propertyobserver.com.au/finding/residential-investment/sales-and-auctions/31139-sydney-now-has-170-suburbs-with-1-million-median-price-apm.html

Average increase in Sydney were 15% in the last year with certain suburbs rising 30%

How do you suddenly come up with an extra 30k of deposit?
How do you even get the mortgage with the average 80k income or even with double that salary?

While renting it is difficult to save the 10% deposit + stamp duty + mortgage insurance
especially when the goal posts move so fast and most people are happy to keep their jobs,
never mind get increases...

If someone has not bought by around 45 years old they will have to prove that,
they can pay off the huge mortgage in 20 or less years.

There are many articles to back-up my comment; here is one:
http://www.smh.com.au/business/the-economy/first-home-buyers-squeezed-as-investor-borrowing-hits-record-levels-20131210-2z34u.html


Simple. Don't buy a $1mil home as your first home.
I put trolls and time wasters on my ignore list so if I don't respond to you, you are probably on it ....
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Sydney's disappearing trophy homes

August 30, 2014 - 6:00AM
Lucy Macken

Recruitment industry boss Julia Ross has good reason for committing to selling her prized Point Piper mansion Villa del Mare this spring over previous years. She first offered it in late 2011. Now three years later, the high-end market has turned: instead of a glut of trophy mansions, there is a lack of stock.

Ms Ross isn't the only optimistic high-end home owner. More than $85 million worth of top-end real estate was launched this week alone, but the difference this year is these bullish vendors are in no mind to discount.

"This is the first time in years there's actually been very few quality trophy homes on the market," said Bill Malouf of LJ Hookers Double Bay.

Since the Point Piper mansion Altona sold last March for $52, million there have been six more sales of $30 million or more, worth in excess of $245 million.

It is a stark turnaround on previous years. Where there were no buyers on many of these properties a few years ago, now there are sometimes three, and we had two competing for Ron Medich's [waterfront mansion], said Ken Jacobs of Christie's International. He is selling Sydney's most expensive listing, the Fairfax family estate Elaine in Point Piper.

"If you go back to 2011, there was no top end of the market," Mr Jacobs said. "So the fact properties that were on the market then didn't sell was a reflection of the market, not the property."

Ms Ross's Villa del Mare has maintained the $40 million-plus guide of its first 2011 launch. Also launched this week was the Yoorami estate in Bellevue Hill of Yachting Australia president Matt Allen at its $17 million asking price of a year ago. In Vaucluse the Hillside Avenue mansion of Telenet chief John Porter is on offer for $10 million, and in Mosman, lawyer Tom Goudkamp is hoping his Victorian Italianate marine villa Glenmire will beat the suburb's non-waterfront record of $18 million.

"These properties won't come up for sale again for decades, and buyers are finally getting a sense of that and they're starting to act accordingly," Mr Malouf said.

In Dover Heights, the oceanfront home of aged-care industry boss Peter Wohl and his wife Jennifer was listed in July with expectations it would top the local record set in April of $8.02 million. It is now under offer for between $9 million and $10 million. "That's another one that is all but gone, and the last time that property traded was 23 years ago," Mr Malouf said.

Read more: http://smh.domain.com.au/real-estate-news/sydneys-disappearing-trophy-homes-20140829-109ov2.html
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