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点名了两个： merryland, Guildford
Western Sydney leads the housing decline
Western Sydney is the first to crack under the looming pressure of a slowing housing market in Sydney.
Property agents said there were signs the property boom was over in suburbs like Merrylands and Guildford – poorly attended open houses, falling inquiries and strong buyer caution.
Starr Partners Merrylands' Ramin Rahimi said buyers are concerned about the market crashing.
"We can feel it. We can feel the number of buyers and inquiries falling," he said.
"We used to get 100-130 inquiries a day, now we are getting 40-50."
Mr Rahimi said open house inspections have also fallen by 60 per cent but listings have increased. "On average, we used to have about 18-20 people attending open homes seven or eight months ago, but now we're finding an average of about seven people attending. Most buyers are confused about the market and holding off."
"Even buyers themselves are telling us that things are cooling! Everytime the media says the market has cooled, people delay."
Mr Rahimi warned the "bubble" had already burst and sellers are panicking. This started about two months ago.
"Owners think they need to move now so they drop the price and it keeps rolling on."
An average two-bedroom in Merrylands now costs between $460,000 to $480,000. Two months ago, they were about $480,000 to $500,000, Mr Rahimi said.
A three-bedroom is about $750,000, down from about $850,000.
He has clients who have sold their homes to cash in on the market and are renting in the interim to buy their houses back at a cheaper price.
"We are worried," LJ Hooker Merrylands' Peter Tannous said.
"Many of our buyers have borrowed to the hilt up to 90 to 95 per cent of the property. We are concerned that history will repeat. It's bad."
PRESSURE ON SELLERS
Mr Tannous' five-bedroom listing at 40 Strickland Road in Guildford has been on the market for six weeks. Two months ago he would have sold it in a day.
Its asking price of $1 million has been revised to $899,000.
"The seller had a chance to pick it up for $960,000 two weeks ago," he said.
"But she was optimistic and wanted $1 million. Over the weekend she lost $60,000, after the paper said the market had dropped."
Mr Tannous said the west has always been more vulnerable with many borrowing a lot against their lower incomes.
"It's a western Sydney thing," Mr Tannous said.
"If the banks move, a lot of borrowers will be hurt."
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