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Sydney/Melbourne house prices tipped to fall 5% this year.....and the rest

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If all the properties for sale dropped 10%, somebody would knock a bit more off to get a sale. Then someone else a bit more. Buyers get very nervous and put in silly low offers. One gets accepted. New price set for remaining properties. Rinse and repeat.

You can't have a controlled 10% fall.

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Please let me know when they're at least 50% off.

I was holidaying there last April and for a laugh viewed generic fibro house in Newport (2106) so a fairly nice but remote area, house is adjacent a main road in a flood prone area, bidding was from $1.6 (ie bonkers) it sold for

..wait for it..

https://www.realestate.com.au/sold/property-house-nsw-newport-125326782

Yep thats over a million pounds + costs and its an hour commute on a bus each way (no trainline) to the city, assuming you can afford the bus fare...

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17 minutes ago, Sugarlips said:

Please let me know when they're at least 50% off.

I was holidaying there last April and for a laugh viewed generic fibro house in Newport (2106) so a fairly nice but remote area, house is adjacent a main road in a flood prone area, bidding was from $1.6 (ie bonkers) it sold for

..wait for it..

https://www.realestate.com.au/sold/property-house-nsw-newport-125326782

Yep thats over a million pounds + costs and its an hour commute on a bus each way (no trainline) to the city, assuming you can afford the bus fare...

Don't know about the location but on first appearances that looks like a bloody nice house to me, compared to the crappy little sh!tholes that sell for that money, or approaching that money, in London.  Did I read in the Grauniad last year that the cheapest one-bedroom flat in Elephant Park is over 600k? Maybe it was a two bed. 

Looking at the sea, the weather, the property, I suppose the drawback is the journey time into "the city". 

 

 

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6 minutes ago, Fletcher said:

Don't know about the location but on first appearances that looks like a bloody nice house to me, compared to the crappy little sh!tholes that sell for that money, or approaching that money, in London.  Did I read in the Grauniad last year that the cheapest one-bedroom flat in Elephant Park is over 600k? Maybe it was a two bed. 

Looking at the sea, the weather, the property, I suppose the drawback is the journey time into "the city". 

 

 

The commute yes but also the average salary is circa £50k so at a purchase price of $1.845m  isnt that 23x annual income or is my math failing me?

https://www.livingin-australia.com/salaries-australia/

Its all relative but if lifestyle on the west coast is still great it has similar wages but values are far better - 2 random examples:

Under half the price of the Newport one (£470k):

https://www.realestate.com.au/property-house-wa-mindarie-127183658

Just over a third of the price (< £400k)

https://www.realestate.com.au/property-house-wa-quinns+rocks-126849610

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Chatting to a youngish bloke in boozer this week. Originally from England but family moved to Sydney when he was young. 

Works in construction - putting in shower fittings etc.. on mainly new build apartments iirc.

Anyway without any prodding he very quickly brought up house prices in Oz. Nuts. Few examples. Everyone knows they are nuts. Not much denial anymore. It's just accepted now - everyone knows they are bonkers.

The young are goosed. He was saying that even himself - good money - lots of contacts in the business - couldn't even dream of getting a plot of land (In a location where you can get work) and build himself a place. 

The building would be no issue. It was the plot of land that would be too expensive.

I was telling him I lived there back in 2000 and then this was quite a standard thing to be done. Would need to save and work hard but it was doable. He agreed but not anymore.

"The whole thing is ******ed" I think is an exact quote. Or very similar.

He was also saying the recent new build apartment blocks he had been working on in Sydney had at least a third sitting empty permanently as they were just bought by Chinese as investments.

What a sad state of affairs. 

There must be an opening for a new political party to be created in Australia to target the youth ? They would surely pick up 95% of the young vote if they focussed on things like this with real plans to change it ? Stop foreign ownership being an obvious one.

 

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This is the political party ccc but theyre not getting much traction in the mainstream - the biggest thing holding them back is they openly talk about curtailing immigration which is a no-go hot potato topic in the media and amongst most people who live in Oz (maybe because so many are migrants or have migrant heritage themselves?)

http://www.sustainableaustralia.org.au

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5 hours ago, Sugarlips said:

The commute yes but also the average salary is circa £50k so at a purchase price of $1.845m  isnt that 23x annual income or is my math failing me?

https://www.livingin-australia.com/salaries-australia/

Its all relative but if lifestyle on the west coast is still great it has similar wages but values are far better - 2 random examples:

Under half the price of the Newport one (£470k):

https://www.realestate.com.au/property-house-wa-mindarie-127183658

Just over a third of the price (< £400k)

https://www.realestate.com.au/property-house-wa-quinns+rocks-126849610

The East Coast offers value too...our cousin owns a fab place about 100 miles north of Byron and I remember them saying how little it cost relative to Sydney. Our other cousin lives/work in Sydney but own a huge 'weekend' farm (very cheap) much further north and keep animals on it. Byron itself is expensive but a drive inland to some very beautiful countryside drops the prices to 'reasonable'. 

Our uncle lives in Sydney too and I could not believe the prices $4m for modest bungalows. Albeit very nicely located suburb and a walk from the water with a 15 min boat ride to the city. 

Sydney was expensive...everything was expensive including the parking for a day. Luckily we used boats for a few dollars a day.

I guess the high house prices are where the work is....however the proportionate difference is not reflective. 

Example on Gold Coast....but of course prices escalate as you get closer to the beaches. 

https://www.realestateview.com.au/real-estate/4-bechly-street-kilcoy-qld/property-details-buy-residential-11522174/

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It's the same in all the Anglo countries: UK, USA, Canada, NZ, Australia. Wall of cash comes in and is allowed to hoover up whatever they want, often laundering money, often using shell corporations, evading taxes that locals have to pay. It's a total f*cking disgrace. I wonder sometimes if it's just a means to support the local construction industry: the government knows most of these ridiculously expensive new builds will be bought by the Chinese etc and lay empty but they don't care because just the building of them supports GDP. 

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5 hours ago, Pop321 said:

Our uncle lives in Sydney too and I could not believe the prices $4m for modest bungalows. Albeit very nicely located suburb and a walk from the water with a 15 min boat ride to the city. 

4m for a modest bungalow is INSANE, regardless of where it is!

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  • 407 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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