Comments on: The 2009 Mosman property market this week went bottoms-up!

By: Robert Simeon

Robert Simeon — Thu, 12 Mar 2009 23:23:35 +0000

Michael,

I agree 100 per cent with your assessment. Just last week we sold a home for $500,000 more than a formal valuation that an another interested party commissioned. We told the valuer what we believed the property was worth in the current market and the valuer chose to ignore our opinion.

As they say if valuers had been born with personalities they would be real estate agents

By: Michael

Michael — Thu, 12 Mar 2009 03:59:20 +0000

All these positive thinkings are fine but someone should inform the team of valuers who read & listen to media and when they value the houses they are more negative than the media. A property listed for $4+ negotiated to buy at $3M then valuation comes below purchase price which is $1M less.
What do you say to this?
I think the valuers in bank panels are intentionally valueing the properties low to push prices down and you know the rest! Probably they have their instructions from Banks to do so. God knows!

By: daniel

daniel — Sat, 14 Feb 2009 21:27:13 +0000

There is an old saying in the market and that is “You know what happens when you try to pick bottoms?”. Time will tell.

By: Robert Simeon

Robert Simeon — Tue, 10 Feb 2009 00:50:07 +0000

David – that is correct none of the properties sold had been advertised in print in 2009. They were all listed on the internet only which remains the case for the vast majority of properties currently on the market.

If you look at the print bible Saturday Domain – last weekend just twenty houses were advertisied which for this time of the year is a record low. So we have 20 houses in print and 145 houses online so this leaves a pretty big clue.

By: David

David — Sat, 07 Feb 2009 21:43:19 +0000

Robert
You mention…….All the sales recorded over the last week were Internet based advertising campaigns….can you elborate….do you mean no press/TV/radio advertising and solely internet?

By: Steve McCarthy

Steve McCarthy — Sat, 07 Feb 2009 08:47:07 +0000

Kevin Rudd is attempting to buy another term in government at taxpayer expense. That really tells the whole story Robert. I’m convinced Mr Rudd and the spin doctors believe the general populace has an IQ of less than 50.
The NSW government is not even worthy of a Yes Minister skit, shameful, lost, visionless and bankrupt. What is it that some see and others don’t. Expressways that don’t link, 100 year old roads carrying major arterial traffic. Dud Public Transport. Thank God for the front door, close it, pull the blinds, turn on the fans and forget about the rest.
Trouble is that’s been happening for far too long, and now perhaps people will stand up and demand changes, now!!!!!!!

By: Roger

Roger — Sat, 07 Feb 2009 02:52:54 +0000

Do you really think with Australia’s debt level running at 1.5 times the underlying income that the housing market (let alone Margin-man – sorry Mosman) is really out of the woods? Gutsy call to call the bottom of the market. Interesting to see how this blog develops if things continue to slide. The facts are very useful, the commentary smacks of desperate self interest. You sound like the people last July who called the initial blip of the stock market crash the bottom. There is a long term shift underway where Australians are going to save more and cut back on the gearing. Australia is behind the UK and the US in its reset as we arent quite as stupid with our loan underwriting as NINJA loans in the US, but a serious deleveraging of the consumer will still continue and deflation in the housing market is far from over.

By: peter maccormick

peter maccormick — Fri, 06 Feb 2009 23:34:51 +0000

Very well researched article especially showing the current sales volumes and I just love the Fort Crumble description of the NSW out of touch Government !!!! we need Robert to write for the Financial Review. This year will be an interesting one its so refreshing to hear some positive news keep up the good work.

By: Melanie

Melanie — Fri, 06 Feb 2009 02:45:56 +0000

Robert……” blood and raspberries” I love it thank you not just for a great read but and education !!!!

By: Patricia

Patricia — Fri, 06 Feb 2009 01:39:56 +0000

Thanks for your insight and clarification on the upper-end of the Mosman market, Robert. An excellent weekly newsletter as usual!