housing market in Sydney
Oct 16th 2007, 10:40 am
#1
Just Joined
Thread Starter
Joined: Oct 2007
Location: amsterdam but moving to Sydney
Posts: 3
housing market in Sydney
I am moving to Sydney soon and in the begining I will be living in a company flat. But sooner or later I will need to get my own place.
The housing market in the UK is now going down a bit and many commentators are suggesting that the market will fall substantially over the next couple of years (20-30% fall seems to be a consensus figure)
What is the market like in Sydney ?.
Also % mortgages are available should someone decide to purchase ?.
The housing market in the UK is now going down a bit and many commentators are suggesting that the market will fall substantially over the next couple of years (20-30% fall seems to be a consensus figure)
What is the market like in Sydney ?.
Also % mortgages are available should someone decide to purchase ?.
Oct 16th 2007, 6:19 pm
#2
has lost The Game
Joined: Apr 2005
Location: Chippendale, Sydney
Posts: 8,735
Re: housing market in Sydney
I am moving to Sydney soon and in the begining I will be living in a company flat. But sooner or later I will need to get my own place.
The housing market in the UK is now going down a bit and many commentators are suggesting that the market will fall substantially over the next couple of years (20-30% fall seems to be a consensus figure)
What is the market like in Sydney ?.
Also % mortgages are available should someone decide to purchase ?.
The housing market in the UK is now going down a bit and many commentators are suggesting that the market will fall substantially over the next couple of years (20-30% fall seems to be a consensus figure)
What is the market like in Sydney ?.
Also % mortgages are available should someone decide to purchase ?.
Well, that's a really good question.
I've been looking in the inner west for the last 6 months, and it's really hard to judge exactly what the market is doing.
One thing for sure is that the housing stock is very low here - very few people seem to be selling, and what is for sale is a of a pretty low standard. Having been looking, I know that some properties have been on the market for several months now. Unfortunately, the houses that are not selling are also not coming down in price.
This place in Sydenham
Link
has been on the market for approaching 6 months at $460k, has not sold, nor reduced in price. It needs some fairly substantial renovation work too by the looks of it.
So people seem to be holding on to their places. I wouldn't say it was necessarily a sellers market, but it certainly isn't a buyers one either. Who can say what another interest rate rise will bring. It may push overexposed owners and investors over the edge, so we may start to see more stuff coming to market.
Please note these observations are for the Inner West only - I have no idea about things in the Eastern Suburbs or the North Shore.
S
Oct 16th 2007, 11:57 pm
#3
BE Forum Addict
Joined: Jun 2003
Location: Sydney beachside
Posts: 3,506
Re: housing market in Sydney
Well, that's a really good question.
I've been looking in the inner west for the last 6 months, and it's really hard to judge exactly what the market is doing.
One thing for sure is that the housing stock is very low here - very few people seem to be selling, and what is for sale is a of a pretty low standard. Having been looking, I know that some properties have been on the market for several months now. Unfortunately, the houses that are not selling are also not coming down in price.
This place in Sydenham
Link
has been on the market for approaching 6 months at $460k, has not sold, nor reduced in price. It needs some fairly substantial renovation work too by the looks of it.
So people seem to be holding on to their places. I wouldn't say it was necessarily a sellers market, but it certainly isn't a buyers one either. Who can say what another interest rate rise will bring. It may push overexposed owners and investors over the edge, so we may start to see more stuff coming to market.
Please note these observations are for the Inner West only - I have no idea about things in the Eastern Suburbs or the North Shore.
S
I've been looking in the inner west for the last 6 months, and it's really hard to judge exactly what the market is doing.
One thing for sure is that the housing stock is very low here - very few people seem to be selling, and what is for sale is a of a pretty low standard. Having been looking, I know that some properties have been on the market for several months now. Unfortunately, the houses that are not selling are also not coming down in price.
This place in Sydenham
Link
has been on the market for approaching 6 months at $460k, has not sold, nor reduced in price. It needs some fairly substantial renovation work too by the looks of it.
So people seem to be holding on to their places. I wouldn't say it was necessarily a sellers market, but it certainly isn't a buyers one either. Who can say what another interest rate rise will bring. It may push overexposed owners and investors over the edge, so we may start to see more stuff coming to market.
Please note these observations are for the Inner West only - I have no idea about things in the Eastern Suburbs or the North Shore.
S
Houses are selling though. None of the current batch on sale here have been on the market for ages and I'd say that they're selling for slightly more than this time last year.
