I purchased a 4 bedroom house in St Marys NSW in Q3 last year. My friend bought 3 bedroom house in Greenacre NSW in March 2015 and paid around 900K. CBRE did valuation of my property on behalf of ANZ in March 2016 and it was worth more than $710k.
Here is what I noticed in last couple of months:
- When I checked domain price estimator today, the price of my house has gone up by only $13k (medium confidence) however the friend house price has gone up by $75k (high confidence).
- When I checked CBA property estimator today, the price of my house has gone down by $38k however the friend house price has gone up by $35k(high confidence).
- When I ran free report via BOQ app, it was showing $690k to $850k range in Sep15 which has been reduced to $550k to $690k range in May16.
- When I checked the trends on realestate.com.au, the median house prices in St Marys has gone up by $16k between Sep15 and April16 and medium house prices in Greenacre have gone up by $23k in the same period.
Summary: House price has gone down instead of staying steady although the growth trend is almost same between St Marys and Greenacre. I am totally lost why house price has gone down in CBA and BOQ estimator.
Any feedback please?
Expect your house price to go down even further.
Sydney's housing prices are overvalued and as growth slows, there will be a fall in house prices.
Hopefully those Asian investors who spent $24 billion on Australian real-estate in the past 7 years will go back to where they came from. I mean it.
The 'Sydney boom' is over.