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"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
Topic Started: 4 Sep 2014, 08:26 AM (9,942 Views)
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Home buyers line up for three days to purchase property

September 4, 2014 - 5:51AM
Eryk Bagshaw

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."

Read more: http://smh.domain.com.au/real-estate-news/home-buyers-line-up-for-three-days-to-purchase-property-20140903-10btc7.html
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Bardon
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Never mind, those twenty that missed out will just have to bid up the next blocks of dirt that hit the market.
Edited by Bardon, 4 Sep 2014, 09:44 AM.
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Shadow
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Looks like there's at least another year or two of this Sydney boom to go.

This article destroys the bear myth that Sydney FHBs are on strike

It looks like they are in fact desperate to buy, and willing to sleep rough for days to secure a home.
1. Epic Fail! Steve Keen's Bad Calls and Predictions.
2. Residential property loans regulated by NCCP Act. Banks can't margin call unless borrower defaults.
3. Housing is second highest taxed sector of Australian Economy. Renters subsidised by highly taxed homeowners.
4. Ongoing improvement in housing affordability. Australian household formation faster than population growth since 1960s.
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goldbug
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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?
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Bardon
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Shadow
4 Sep 2014, 09:37 AM
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.
Edited by Bardon, 4 Sep 2014, 09:56 AM.
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Shadow
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goldbug
4 Sep 2014, 09:48 AM
Those gullible people that camped out will regret their purchases in the years to come I have no doubt.
That's what the bears said about the 'Ruddprime' buyers in 2009. But Sydney house prices are up another 50% since then.
1. Epic Fail! Steve Keen's Bad Calls and Predictions.
2. Residential property loans regulated by NCCP Act. Banks can't margin call unless borrower defaults.
3. Housing is second highest taxed sector of Australian Economy. Renters subsidised by highly taxed homeowners.
4. Ongoing improvement in housing affordability. Australian household formation faster than population growth since 1960s.
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Bardon
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Shadow
4 Sep 2014, 10:03 AM
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.
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noopsy05
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Shadow
4 Sep 2014, 10:03 AM
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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Quick , buy now, into the biggest ponzi on the planet.

With jobs heading to record highs, and wages decreasing and looking to decrease further, what could possibly go wrong .

Just sign on the dotted line for the next 25-40 years, and hope you get to keep your job or live that long to pay it off. ;)
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Shadow
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4 Sep 2014, 10:46 AM
With jobs heading to record highs...
Not 'heading to' ... the number of jobs in Australia is already at a record high.

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Just sign on the dotted line for the next 25-40 years, and hope you get to keep your job or live that long to pay it off
It's always been that way, in every country in the world. Nothing new there.
1. Epic Fail! Steve Keen's Bad Calls and Predictions.
2. Residential property loans regulated by NCCP Act. Banks can't margin call unless borrower defaults.
3. Housing is second highest taxed sector of Australian Economy. Renters subsidised by highly taxed homeowners.
4. Ongoing improvement in housing affordability. Australian household formation faster than population growth since 1960s.
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