Australian Politics Forum - Sydney House prices tank steepest drop in a decade

red baron

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Sydney House prices tank steepest drop in a decade
Mar 18^th, 2018 at 12:30pm

Cracks showing in Sydney property market as prices begin to plummet

Sydney property prices begin to plummet

* As I have predicted Sydney House Prices are dropping like a stone. The panic has now well and truly set in. The lemmings are going over the cliff - Red Baron

Source: Channel 9 News 18 March 2018

Sydney property prices begin to plummet

The cracks are beginning to show in the Sydney property market, with the inflated prices from six months ago dissipating.

In some suburbs, prices have fallen as much as 30 percent, as the median house price copped its largest knock since August 2008.

In the three months to December, the harbour city's median house price fell 1.3 percent, tumbling a further 2.5 percent in the following three months to March, CoreLogic data shows.

In some suburbs, prices have fallen as much as 30 percent. (9NEWS)
In some suburbs, prices have fallen as much as 30 percent. (9NEWS)

It's the steepest drop in a decade, with the average price of a home now priced at $880,743.

CoreLogic's Kevin Brogan said the tide was slowly turning.

"I don't think there's any cause for panic," he said.

"At the moment it's trending towards being a buyer’s market, but I think what we're seeing is quite a gradual adjustment to the market."

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red baron Gold Member Offline Australian Politics Posts: 10204 Blue Mountains Gender:	Re: Sydney House prices tank steepest drop in a decade Reply #1 - Mar 18^th, 2018 at 12:38pm The Estate Agents are saying, "no need to panic" the reality is that a house that cost over 1 Million a month ago is now at $800,000, I'd call that red alert time would you? Of course the Agents are trying to pad this down but in reality investors are fleeing like ants in a cyclone
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Sir Spot of Borg Gold Member Offline WE ARE BORG Posts: 26460 Australia	Re: Sydney House prices tank steepest drop in a decade Reply #2 - Mar 18^th, 2018 at 12:40pm Still too expensive Spot
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Bobby. Gold Member Online Australian Politics Posts: 95228 Melbourne Gender:	Re: Sydney House prices tank steepest drop in a decade Reply #3 - Mar 18^th, 2018 at 1:07pm The prices are leveling off in Melbourne. I want to sell now.
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Sir lastnail Gold Member Offline Australian Politics Posts: 29705 Gender:	Re: Sydney House prices tank steepest drop in a decade Reply #4 - Mar 18^th, 2018 at 11:45pm What happened to 'supply and demand' along with mass immigration keeping house prices rising forever LOL
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Sir lastnail Gold Member Offline Australian Politics Posts: 29705 Gender:	Re: Sydney House prices tank steepest drop in a decade Reply #5 - Mar 18^th, 2018 at 11:46pm Sir Spot of Borg wrote on Mar 18^th, 2018 at 12:40pm: Still too expensive Spot Yeh you can buy a million dollar house using borrowed money but you can't get a job to pay it back LOL
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Bobby. Gold Member Online Australian Politics Posts: 95228 Melbourne Gender:	Re: Sydney House prices tank steepest drop in a decade Reply #6 - Mar 19^th, 2018 at 5:55am Time to buy soon Nail - at bargain prices.
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Sir Spot of Borg

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Re: Sydney House prices tank steepest drop in a decade
Reply #7 - Mar 19^th, 2018 at 8:19am

Sir lastnail wrote on Mar 18^th, 2018 at 11:46pm:

Sir Spot of Borg wrote on Mar 18^th, 2018 at 12:40pm:

Still too expensive

Spot

Yeh you can buy a million dollar house using borrowed money but you can't get a job to pay it back Cheesy

LOL

I dont think anyone can borrow money if they dont have a job but nobody can afford to buy a house in sydney anyway.

Spot

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Whaaaaaah!
I'm a
Moron!

- edited by some unethical admin - you think its funny? - its a slippery slope

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Sir lastnail

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Re: Sydney House prices tank steepest drop in a decade
Reply #8 - Mar 19^th, 2018 at 10:03am

Sir Spot of Borg wrote on Mar 19^th, 2018 at 8:19am:

Sir lastnail wrote on Mar 18^th, 2018 at 11:46pm:

Sir Spot of Borg wrote on Mar 18^th, 2018 at 12:40pm:

Still too expensive

Spot

Yeh you can buy a million dollar house using borrowed money but you can't get a job to pay it back Cheesy

LOL

I dont think anyone can borrow money if they dont have a job but nobody can afford to buy a house in sydney anyway.

Spot

Yes you can have a job that pays crap and the banks will still lend you the money. That's how the ponzi scam works here. These days they'd probably lend it to you even if you were even on the dole Cheesy

LOL

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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.

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Gordon

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Re: Sydney House prices tank steepest drop in a decade
Reply #9 - Mar 19^th, 2018 at 10:11am

Sir lastnail wrote on Mar 18^th, 2018 at 11:46pm:

Sir Spot of Borg wrote on Mar 18^th, 2018 at 12:40pm:

Still too expensive

Spot

Yeh you can buy a million dollar house using borrowed money but you can't get a job to pay it back Cheesy

LOL

Where can you buy a house in Sydney for a million dollars that isn't in a toilet of a suburb?

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IBI

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Sir lastnail

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Re: Sydney House prices tank steepest drop in a decade
Reply #10 - Mar 19^th, 2018 at 10:22am

Gordon wrote on Mar 19^th, 2018 at 10:11am:

Sir lastnail wrote on Mar 18^th, 2018 at 11:46pm:

Sir Spot of Borg wrote on Mar 18^th, 2018 at 12:40pm:

Still too expensive

Spot

Yeh you can buy a million dollar house using borrowed money but you can't get a job to pay it back Cheesy

LOL

Where can you buy a house in Sydney for a million dollars that isn't in a toilet of a suburb?

http://aussiememes.com.au/media/created/how-about-1.jpg

OK 2 million then Cheesy

LOL

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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.

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Grappler Truth Teller Feller Gold Member Offline Australian Politics Posts: 80188 Proud pre-1850's NO Voter Gender:	Re: Sydney House prices tank steepest drop in a decade Reply #11 - Mar 19^th, 2018 at 10:25am Be good to see this ridiculous market crash. People will be hurt, but investors can't complain since they got their costs off their tax, while the home owner didn't. Now - what was that about putting the family home in the pension assets test again?
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Valkie Gold Member Offline Australian Politics Posts: 16088 Central Coast Gender:	Re: Sydney House prices tank steepest drop in a decade Reply #12 - Mar 19^th, 2018 at 10:53am I paid 75000 for my house It's now valued at over 800000 I couldn't care less
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Gordon

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Re: Sydney House prices tank steepest drop in a decade
Reply #13 - Mar 19^th, 2018 at 10:54am

Grappler Truth Teller Feller wrote on Mar 19^th, 2018 at 10:25am:

Be good to see this ridiculous market crash. People will be hurt, but investors can't complain since they got their costs off their tax, while the home owner didn't.

Now - what was that about putting the family home in the pension assets test again?

There will not be a broad based market crash. Areas of oversupply like new apartments in Hong Kong style suburbs will take the biggest hit.

And quality dwellings with a patch of lawn in a 15km radius of the CBD? Nope.

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IBI

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tickleandrose

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Re: Sydney House prices tank steepest drop in a decade
Reply #14 - Mar 19^th, 2018 at 11:12am

Something has got to give. Rental yields are at all time low. In Melbourne, I think its only about 2.5% for houses, and perhaps 4% if you are lucky on apartments.

We are reaching peak debt, as well as peak rent. And we were told that we have 'land shortages' in Australia. The sixty largest country in the world, with population less than some cities in the world.

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Stig Senior Member Offline >_< Posts: 399 Gender:	Re: Sydney House prices tank steepest drop in a decade Reply #15 - Mar 19^th, 2018 at 11:18am Where are these mythical suburbs where prices have crashed by 30%? Talk of the Sydney market crashing is fantasy - there are simply too many buyers. Hell, if I could find a half-decent suburb that went down by 30% that was within cooee of the CBD I'd buy an investment property there right now.
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Sir lastnail

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Re: Sydney House prices tank steepest drop in a decade
Reply #16 - Mar 19^th, 2018 at 11:24am

Gordon wrote on Mar 19^th, 2018 at 10:54am:

Grappler Truth Teller Feller wrote on Mar 19^th, 2018 at 10:25am:

Be good to see this ridiculous market crash. People will be hurt, but investors can't complain since they got their costs off their tax, while the home owner didn't.

Now - what was that about putting the family home in the pension assets test again?

There will not be a broad based market crash. Areas of oversupply like new apartments in Hong Kong style suburbs will take the biggest hit.

And quality dwellings with a patch of lawn in a 15km radius of the CBD? Nope.

They made the same kind of lame excuses in Ireland. When the financial systems collapsed it didn't matter about anyone's aspirational goals. When the credit dried up that was the end of it.

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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.

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Sir lastnail

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Re: Sydney House prices tank steepest drop in a decade
Reply #17 - Mar 19^th, 2018 at 11:26am

Stig wrote on Mar 19^th, 2018 at 11:18am:

Where are these mythical suburbs where prices have crashed by 30%? Talk of the Sydney market crashing is fantasy - there are simply too many buyers.

Hell, if I could find a half-decent suburb that went down by 30% that was within cooee of the CBD I'd buy an investment property there right now.

There are only buyers as long as the banks keep throwing more and more borrowed money at them. When credit dries up you can have as much demand as you like but prices are going to head south.

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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.

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Black Orchid Gold Member Offline Posts: 5797 Gender:	Re: Sydney House prices tank steepest drop in a decade Reply #18 - Mar 19^th, 2018 at 2:18pm Where is this fantasy 30% drop? Certainly not in my area.
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Sir lastnail Gold Member Offline Australian Politics Posts: 29705 Gender:	Re: Sydney House prices tank steepest drop in a decade Reply #19 - Mar 19^th, 2018 at 2:23pm Black Orchid wrote on Mar 19^th, 2018 at 2:18pm: Where is this fantasy 30% drop? Certainly not in my area. Just because someone is asking a lot doesn't mean they will get it. A house is only worth what the bigger fool is willing to pay for it
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Black Orchid Gold Member Offline Posts: 5797 Gender:	Re: Sydney House prices tank steepest drop in a decade Reply #20 - Mar 19^th, 2018 at 2:25pm In Sydney there are plenty willing to pay. Most of them are foreigners but money is money to the state and they don't care where it comes from.
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Sir lastnail

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Re: Sydney House prices tank steepest drop in a decade
Reply #21 - Mar 19^th, 2018 at 3:32pm

Black Orchid wrote on Mar 19^th, 2018 at 2:25pm:

In Sydney there are plenty willing to pay. Most of them are foreigners but money is money to the state and they don't care where it comes from.

So what you are saying is that the only thing stopping the never ever housing price crash in Australia is a total dependency on cashed up foreigners ? Not a good situation to be in Sad

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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.

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Jasin Gold Member Offline Posts: 46448 Gender:	Re: Sydney House prices tank steepest drop in a decade Reply #22 - Mar 19^th, 2018 at 3:56pm Johnny Lydon (P.I.L) with Leftfield "Burn Hollywood burn! Taking down - Tinsel-town"
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Stig

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Re: Sydney House prices tank steepest drop in a decade
Reply #23 - Mar 19^th, 2018 at 4:26pm

Sir lastnail wrote on Mar 19^th, 2018 at 11:26am:

Stig wrote on Mar 19^th, 2018 at 11:18am:

Where are these mythical suburbs where prices have crashed by 30%? Talk of the Sydney market crashing is fantasy - there are simply too many buyers.

Hell, if I could find a half-decent suburb that went down by 30% that was within cooee of the CBD I'd buy an investment property there right now.

There are only buyers as long as the banks keep throwing more and more borrowed money at them. When credit dries up you can have as much demand as you like but prices are going to head south.

Except the banks have tightened up a lot on lending, and it's probably responsible for the slowdown. But there's still a lot of people who want to buy in the major cities.

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Stig

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Re: Sydney House prices tank steepest drop in a decade
Reply #24 - Mar 19^th, 2018 at 4:29pm

Sir lastnail wrote on Mar 19^th, 2018 at 3:32pm:

Black Orchid wrote on Mar 19^th, 2018 at 2:25pm:

In Sydney there are plenty willing to pay. Most of them are foreigners but money is money to the state and they don't care where it comes from.

So what you are saying is that the only thing stopping the never ever housing price crash in Australia is a total dependency on cashed up foreigners ? Not a good situation to be in Sad

Actually, those foreign buyers probably saves us from a recession, because so much money was pushed from outside our economy into construction and all the associated industries. It's not good if you're poor and want to buy a house for sure, but from an economic point of view having people from elsewhere lining up to buy stuff (that they can't export and add value to either) is actually a pretty good situation to be in.

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Bobby.

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Re: Sydney House prices tank steepest drop in a decade
Reply #25 - Mar 19^th, 2018 at 4:35pm

Stig wrote on Mar 19^th, 2018 at 4:26pm:

Sir lastnail wrote on Mar 19^th, 2018 at 11:26am:

Stig wrote on Mar 19^th, 2018 at 11:18am:

Where are these mythical suburbs where prices have crashed by 30%? Talk of the Sydney market crashing is fantasy - there are simply too many buyers.

Hell, if I could find a half-decent suburb that went down by 30% that was within cooee of the CBD I'd buy an investment property there right now.

There are only buyers as long as the banks keep throwing more and more borrowed money at them. When credit dries up you can have as much demand as you like but prices are going to head south.

Except the banks have tightened up a lot on lending, and it's probably responsible for the slowdown. But there's still a lot of people who want to buy in the major cities.

But why?
I want to get out of the city.
Melbourne is too big -
traffic congestion -
too many people and too many problems
and not much love to around.

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Sir lastnail

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Re: Sydney House prices tank steepest drop in a decade
Reply #26 - Mar 19^th, 2018 at 4:35pm

Stig wrote on Mar 19^th, 2018 at 4:29pm:

Sir lastnail wrote on Mar 19^th, 2018 at 3:32pm:

Black Orchid wrote on Mar 19^th, 2018 at 2:25pm:

In Sydney there are plenty willing to pay. Most of them are foreigners but money is money to the state and they don't care where it comes from.

So what you are saying is that the only thing stopping the never ever housing price crash in Australia is a total dependency on cashed up foreigners ? Not a good situation to be in Sad

Actually, those foreign buyers probably saves us from a recession, because so much money was pushed from outside our economy into construction and all the associated industries. It's not good if you're poor and want to buy a house for sure, but from an economic point of view having people from elsewhere lining up to buy stuff (that they can't export and add value to either) is actually a pretty good situation to be in.

I just see this as a case of using a truck load of borrowed money to construct premises for the future unemployed because what prosperity can a service-based economy possibly offer us ? You mow my lawn and I will mow yours ?

These idiot politicians and economists here who keep banging on about transitioning to a service based economy are just dreaming.

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« Last Edit: Mar 19^th, 2018 at 5:46pm by Sir lastnail »

In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.

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