"We had to get a home" - desperate homebuyers camp out for three days to buy in Sydney; The only way to secure a property as Sydney house prices continue their inexorable rise
Tweet Topic Started: 4 Sep 2014, 08:26 AM (9,942 Views)
Desperate to get a slice of the Sydney property market, Sabir Hasbani camped out for three nights in front of a Stanhope Gardens real estate agency in Sydney's north-west.
Thermos, camp chair and sleeping bag in hand, Mr Hasbani and 45 other people weathered Sydney's wind and rain to purchase one of 28 lots for sale in the Ponds development near Kellyville.
Mr Hasbani secured 480 square metres of land worth $515,000 to build a house for his family of five.
The 29-year-old aged care worker said it was the only way he could secure a property as Sydney house prices continued their inexorable rise.
"We had to wait. We've been searching for a over a year – we had to get a home," he said.
Mr Hasbani would be happy to see prices continue to rise now that he had secured his family's future on some sought-after real estate. But he said he felt bad for the 20 other people who missed out on the lots of land. "It was really hard work and it's not going to get any cheaper."
Fully aware of how fast prices continue to rise, Nick Dodd wasted no time getting into the Sydney housing market. The 31-year-old IT consultant snapped up a two-bedroom terrace in Newtown after searching for a month.
He was looking for a place he could settle into with his girlfriend so that they might be able to start a family. He hopes prices keep rising so it justifies his investment. "It would be shit if they went down."
"I was thinking about waiting another year," Mr Dodd said. "But if the prices kept going up faster than I could save, then I would never have a better chance."
This article destroys nohing shadow. A hand full of buyers the story states. You are grasping at straws as per usual. First home buyer activity is always present, it's just present now at very low numbers as you well know.
Those gullible people that camped out will regret their purchases in the years to come I have no doubt.
Shadow was hopelessly wrong about the Gold Bull Market. What else is he wrong about?
Looks like there's at least another year or two of this Sydney boom to go.
Yep although I would say more on the two year side maybe three. Mid cycle correction due round about 2017, following which you will need to strap yourself in for the second leg up, this leg will see far higher growth rates than the current one.
That's what the bears said about the 'Ruddprime' buyers in 2009. But Sydney house prices are up another 50% since then.
Yes its more likely that after they build and have finished enjoying their honeymoon period in their new house, they will rip out some equity and go on a Winnebago tour of the US and laugh about how roughing it for a few nights in Sydney has paid for it all.
That's what the bears said about the 'Ruddprime' buyers in 2009. But Sydney house prices are up another 50% since then.
took the words out of my mouth. If i listened to them (bears) i wouldn't be a 27yo/m who just had my first baby with my wife and 4 years away from owning my home. Dont listen to the bears people, buy now
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