Somebody (with the name remind us on one city name) said some time ago that good properties on prime locations will not fall because land on prime locations is scarce while many people want to buy there. What happened? prime suburbs are down $200k to $500k in a single year.
Why rich people are selling if this is just volatility or short term downturn? They are clearly not forced to sell. Maybe they don’t care for $500k :lol:
Or …. Maybe they know something ? :lol:
I wonder what they know, that other people seems not to know. They are selling now with 10% discount, maybe they think it will go down even further. What do you (forum bulls) think, why rich people are selling homes at large discounts “just before new boom” is about to start?
It certainly is scarce imo. But what's even scarcer is people who can afford or would want to pay a million or more for a house on that land.
And quite frankly I think Sydney is overated as hell. It's like a hot woman with a nasty personality.
stinkbug omosessuale Frank Castle is a liar and a criminal. He will often deliberately take people out of context and use straw man arguments. Frank finally and unintentionally gives it up and admits he got where he is, primarily via dumb luck! See here Property will be 50-70% off by 2016.
Australia’s million-dollar property club has exploded to 417 suburbs with a median value of $1 million or more.
As of June this year there were 397 suburbs nationally with a median house value in excess of $1 million and 20 suburbs for units. The 417 total suburbs with a median value of $1 million or more is the highest number over the past five years. Sydney led the pack claiming the majority of market share with 22 suburbs ranked in the top-performing list out of 25.
RP Data’s findings show values have increased by 10.2 per cent over the 12 months to July 2014. RP Data research analyst Cameron Kusher says the large rise in the numbers of suburbs with a $1 million or more median in NSW alone is reflective of the strong home value growth in Sydney over the past year.
“Sydney home values have increased by 14.8 per cent over the 12 months to July 2014,” he says.
“Proportionately, Sydney suburbs comprise 61 per cent of all million dollar plus suburbs nationally, followed by Melbourne at 14 per cent and Perth at 12 per cent.”
Significantly the number of suburbs with a median value of more than $2 million has also increased to 42 suburbs from 37 suburbs last year.
The number of suburbs with a $1 million median house price is up 42 per cent over the year in New South Wales. There’s been a 24 per cent rise in Victoria, 25 per cent increase in Queensland, 44 per cent rise in South Australia, 22 per cent rise in Western Australia, no change in the Northern Territory and a 11 per cent fall in the Australian Capital Territory. And Tasmania has zero suburbs with a median value of $1 million or more.
And the rise in suburbs with a million-dollar plus price tag is good news for those who own a property in these areas. Kusher says low mortgage rates have been creating a surge in market activity and higher values, particularly in Sydney, is becoming more prevalent.
“Although we anticipate the rate of value growth is likely to slow over the coming year, we do expect further increases,” he says.
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