Passive wrote: "How about doing your research and letting us know seeing you raised it. One house does not the market make! It may be the subject of a divorce/death/settlement who knows but to use one isolated example to establish a case without presenting the facts seems like you are desperately attempting to prove a point that is quite clearly out of sync with what is really taking place in the market."
I can tell you my take on this, because I am following the north shore market intimately at the moment.
In a nutshel summarised form:
Many areas of pymble (and other parts of the north shore) used to be very expensive. For eg the houses in this area and many other areas I refer to below, if unrenovated are going for similar prices to 2004.
These areas are less desired by overseas buyers. The walk to the train station is 20 mins from here, that is unacceptable for many of these buyers. I've been through RP data and profiled the background of the people buying and mapped them to prove my theories.
So yes one house does not make the market. But lots of headlines are grabbed with price increase, 5 to 10 mins walk from the stations the action is good around these areas.
What I don't believe is when you profile Pymble on RP data and it says 10 year price growth is 98%, I'm not sure what drugs they have been smoking but it is no-where near that.
In some cases it's zero as mentioned above. In real terms -30%. This is because it was bloody expensive ten years ago as mentioned before and the locals are basically no wealthier due to the GFC etc.
Where foreign sources of money flow, that's where there has been moderate growth over ten years, probably keeping up with wages growth.
If the AUD falls over a bit, maybe some of these OS buyers will pull out on a few of these properties they have been buying.
