Fresh bidding frenzy in Sydney: Buyers are saying "We'd better get in or we'll never get in"; Fewer than 20,000 dwellings for sale across Sydney, less than half the number listed five years ago
Tweet Topic Started: 7 Oct 2016, 10:21 AM (2,183 Views)
Some interesting observations all round. If this article was written in June of 2015 it would close to the case he has explained, almost half the amount of five years ago. June 2015 was the point at which property on market bottomed out. And since then it has been rising. The other interesting thing was that when property on market bottomed out in June of 2015, the levels of property on market were identicle to the previous bottom reached in Jan 2010. And while the numbers are still somewhat lower than the 2011 level, they have infact been on the rise for around 15 months.
A month into spring and there’s a vicious cycle – no homes to buy, so no-one is selling
It’s a month into spring and Newtown agent Duncan Gordon is frustrated. “Stock levels are down about 30 per cent in our neck of the woods and they’re down across Sydney,” he says.
“Everyone expected the floodgates to open in spring, but it’s not happening.
A lack of stock meant those who did put their property up for auction in September were guaranteed of a sale in many suburbs
“People are quite desperate,” Gordon’s colleague Michael Harris said, pointing to the popularity of a three-bedroom terrace at 28 Margaret Street, Newtown. “It’s completely unrenovated … but we have people saying, ‘If we have to live in a house like this, then that’s what we’ll do’.”
“All indications are that prices and clearance rates will stay at a high level, but one thing that isn’t rising is the number of properties being offered, which will continue to be lower than a year ago,”
“It’s not overstating it to say that we’ve had a collapse in auction listings compared with last year.”
so shadow's prediction was wrong according to you... righto, thanks.
It must be quite depressing for those that held of buying in say the last ten years only to now realise that their buying indecision may have cost them their part oof the Australian dream for the rest of their life.
It's my reality Bardon and it's not depressing at all, life has its ups and downs and there is always a level of acceptance for the circumstanced you are dealt. The worlds a strange place Bardon and fortunes can be won and lost in a very short time. Housing does appear to be the 'perfect' indestructable wealth creator but that maybe just perception based on a very short history.
You never know if you yourself will one day be crying into your weeties. If you did suffer misfortune I hope no one behaves the way you have and makes you feel inferior for the circumstances you find yourself in.
Indeed. And it's even worse for the poor sods like Steve Keen and Crazy Ted who sold perfectly good Sydney homes right before this boom took off.
The sad thing is that they were in the market, but they panicked and bailed out at the worst possible time, and now they can never get back in again.
Yes they are another sad case alright. I haven't yet come across any sold to renters that have worked out so its fair to say that it rarely works
Chris
8 Oct 2016, 12:52 PM
It's my reality Bardon and it's not depressing at all, life has its ups and downs and there is always a level of acceptance for the circumstanced you are dealt.
If you did suffer misfortune I hope no one behaves the way you have and makes you feel inferior for the circumstances you find yourself in.
I never had you down as an indecisive buyer and I never took that side of your earlier posts seriously, so no its definitely not your reality. Your difficulties in life are a completely different matter altogether.
On the others making me feel a certain way bit, I am mature and responsible enough to know that I have a choice as to how I feel about things and others cant make me feel a certain way, its my choice how I feel about them and not theirs.
"The truth is that there are no good men, or bad men. It is the deeds that have goodness or badness in them. There are good deeds, and bad deeds. Men are just men."
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