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Political correctness is out the window too. With more back flips than a Russian gymnast, degrees of difficulty can escalate in an election year (if off balance) and coupled with poor execution, can result in a lack of balance. It’s all very well to talk-up the routine before the execution, but we all know that Fort Fumble (Federal Government) resembles a modern day pin ball machine that constantly hits  tilt and freezes as a result of overzealous activities. In a nutshell:  You pour money in, only to see the machine (otherwise known as an economy) correct your aggressive behaviour!

The Emperor’s (Kevin Rudd) Achilles heel today, amounts to nothing more than activity freeze. More concerning is that the back flips are not supported with answers pertaining to the original decision -making processes. The Emperor today, is taking plenty of steps back and very few steps forward. The wind has left his sails. Too much, too fast, results in chaos!

Somewhat ironic following the global financial crisis (GFC) that the government of the day keeps back flipping with an abundance of poor policy execution, that does not promote business confidence. Ironic, in the sense that these, either deferred or cancelled policies, now equate to increased unemployment.  It is said that “a picture is worth a thousand words” so this week’s picture is dedicated to the failed economic policies and chartered courses of Fort Fumble and Fort Crumble.

BUY PRINT

Our Virtual Realty News research department (me) is always looking to give subscribers relevant and interesting data and we found just the thing  – IOU AUSTRALIA. The website says “Dedicated to delivering accurate information based on Australia’s debt situation in a real time snapshot. Numbers are based on public information, and are adjusted to reflect the information given out by various organisations time to time. Figures represent our nation’s financial health, and the debt we may leave for our children and future generations.”

Again, Fort Fumble and Fort Crumble lead the way – this is scary, have a look at Debt Clock Australia. I will try to obtain the relevant data and what the figures resembled when The Emperor took over the throne. Tony Abbott’s razor plan to pay off our debts is a good start given spiralling government costs add to deficit pressure as MPs fear Kevin Rudd is losing control.

Not as bad as Greece which today, has an estimated $430 billion, Sea of Debt – although one must remember that once upon a time its debt too, was just a fraction of what it is today. Greece has a deadline of May 19 to pay down its debt and the odds of doing so are looking like 430 billion to one. Greek debt fears rock US, European stock markets and the banks must not let Greece fall.

Sydney, you are the weakest link: survey and the latest quarterly Access Economics business outlook report, tips NSW to underperform again, during this next mining boom as interest rates, push up the Australian dollar and harm manufacturers and tourism operators in NSW. State is paying double for land Fort Crumble is paying up to double for land as part of a $250 million property buy–up for public housing.

Premier Keneally less popular than Barry Unsworth identified that if an election had been held in NSW last weekend, the Labor government would have been slaughtered. Charlie Aitken wrote on his Under The Southern Cross this week, “I did a bit of driving over the Anzac Day long weekend and sometimes you just have to wonder where your tax dollars go. How, for example, can the F3 Freeway north of Sydney, that basically is the gateway to Australia’s fastest population growth corridor, end at a roundabout?” Hypothetically, if another election was run this weekend the results would have been worse Melbourne set to overtake as biggest metropolis a 10 – year fall in the percentage of migrants settling in NSW and the lowest rate of economic growth of all mainland states has Melbourne on track to overtake Sydney as Australia’s biggest city.

With the First Home Buyers Grant (FHBG) you can artificially stimulate property markets, but the same can’t be said for Australian financial cash markets. Recently, I have been speaking with some of Australia’s greatest financial minds and some are predicting inflation hitting north of 10 per cent. The Real Estate Institute of Australia (REIA) issued this week an alarming media release – Caution required on interest rates otherwise known as an economic storm warning.  The reason why?

Alcohol and cigarettes went up +3.5 per cent at midnight last night The Emperor added another 25 per cent increase to cigarettes that will drive interest rates up further– nice one Kev! An ongoing economic failed strategy that now has him called Captain Chaos or the Prime Minister for No Economic Idea! Frustrated that nobody has picked up on the fact that a 25 per cent increase on the price of cigarettes, will drive interest rates higher and higher – even if you don’t smoke!

Inflation jump drives rate rise prospect given inflation rose in the March quarter more than expected. Inflation rose 0.9 per cent which equates to a rise of 2.9 per cent in the year to March, according to the Australian Bureau of Statistics. Housing is the major culprit which increased by 6.1 per cent due to increases in electricity (+18.2 %), sewerage ( +14.0 %), rents (+4.6 %), house purchase ( +4.1 %) – the major DNA for these increases lies with state governments that keep driving  these utilities up and they (as well as inflation) won’t be going down!

Throw in housing shortfall locking out thousands where Australia has 178,000 more potential home buyers than available properties, with Queensland and Western Australia accounting for almost half the total shortfall over the past decade according to the National Housing Supply Council. On present trends, the total gap will reach 640,000 by 2029. Such shortfalls are a guarantee that home prices will continue to rise as too, will rents. Here is a crucial graph that will now feature prominently, in future editions of Virtual Realty News.

Pay particular attention to the quarters of March and June 2007/2008 and September 2008/2009 pre global financial crisis – the greatest clue as to where the cash rate is headed. It certainly does not help when Fort Fumble is considered to be in total chaos over policy. Only Health remains. Ironic that inflation looks like exploding and our Federal Government is showing signs of imploding despite an election looming.

To make matters worse Kevin Rudd’s great ETS fraud found out – Andrew Bolt and “the greatest moral challenge of our age” decision to put climate action on hold smacks of political cowardice.

For mine: Paul Kelly from The Australian filed the most compelling read Rudd’s dangerous climate retreat. “As retreats go, they come no bigger than Kevin Rudd’s delaying of his once cherished emissions trading scheme – one of the most spectacular backdowns by a prime minister in decades.” Not a case of stand and deliver, rather ‘The Emperor running to them hills’. Then we have this pearler Department of Hot Air costing $90 million where the 400 public servants employed in the Climate Change Department will remain employed despite no work until 2013.

Check roof insulation before buying a home: Archicentre the building advisory group advised that vendors are not legally required to reveal if the home they are selling has been part of the Federal government’s scrapped home insulation scheme. Fort Fumble’s $2.450 billion home insulation scheme has been linked to four deaths and more than 120 house fires.

The much awaited Henry Tax Review will be released this Sunday and one could not rule out yet another Fort Fumble back flip.

Also, next week we will be revealing a real estate individual website first when we announce which company will be advertising its product on our website – property pages and daily email alerts?

Clues will be left on our blog –  banking or media? Maybe a property portal, newspaper group, or search engine?

Whatever, the case they want the thousands and thousands of eyeballs that RWM attract each and every week. Clue one – their business model loves bricks and mortar?

Cheers ^__^

This week’s sales Mosman real estate, Beauty Point real estate, Clifton Gardens real estate, Balmoral real estate, Cremorne real estate, Cremorne Point real estate, Neutral Bay real estate, Cammeray real estate Click Here

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30.04.10Robert Simeon9 Comments »

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I would say yes, given the global financial crisis (GFC) in the Australian vernacular was an “easy come – easy go” experience where we experienced just the one quarter of negative growth. If you remain somewhat confused as to where the property markets are headed, don’t be.  It appears that everyone else is too. International Monetary Fund sounds warning on property bubble in Asia – Pacific and it was reported that Australia is not immune from a potential property bubble. The report said “in Australia, a combination of rapid interest rate cuts and the extension of the first – home buyers grant ensured that property remained robust during the worst of the financial crisis. Most recently, there has been a 13 per cent jump in median home prices to the end of February.” Then “the IMF report comes amid evidence the resilience in house prices has caught the eye of the Reserve Bank (RBA) Minutes of the Reserve board’s April meeting, when it announced the fifth rate rise since October, showed members noticed the property market’s continued buoyancy despite new home loans falling”. Evident with Sydney auction clearance rates graph courtesy of Australian Property Monitors.

RBA eyes May rate rise which I believe is odds – on, having read the minutes of its April 6 board meeting where they will move the official cash rate from 4.25 per cent to 4.50 per cent. Home truths on the whys and wherefores of the property market which identifies the property conundrum: housing is the biggest market in Australia – yet there is no central database that records transactions and prices. “Housing markets in the United States and Britain lost 40 per cent of value from their 2007 peaks and are only tentatively recovering, that Australian market appears only to have dipped slightly in 2008 (the pain was contained to the top end) before shooting up in the past 12 months.” Now the biggest clue “banks have changed their attitude. Where they used to push 100 per cent loan – to – valuation ratios (LVRs) now they lend 80 per cent over the value of the asset before demanding a swag of fees (usually labelled lenders’ mortgage insurance).”

BUY PRINT
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I love challenging Tim, who called me this week and asked “what shot do we need?” I responded, “The Emperor (Kevin Rudd) got his Health Reform approved so we need a smiley face. Can you shoot Luna Park, Ripples restaurant, North Sydney swimming pool, and a ferry at Luna Park wharf?” The man is pure genius! Tim again, exceeded our expectations – his shots make for great Christmas cards too.

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Macquarie’s Robertson sees easing in house price gains where with his latest note to clients Mr Robertson said “anyone with their eyes open is aware that usually low funding costs over the past 12 – 18 months powered a good part of the double digit house – price gains that have excited so much comment and talk of “bubbles”. Economists baffled by robust property market given after five interest rate increases in seven months they wonder how auction clearance rates remained so high for so long, along with rising median house prices. “It’s a bit of a puzzle,” said Macquarie Bank’s senior economist, Brian Redican, who once worked at the Reserve Bank. “You wonder how auction clearance rates remain very high along with house prices themselves.” Which takes me to the real estate ring of confidence – remember Aussies would bet on two flies climbing a wall.

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Prestige home market lies becalmed, Median prices up in Sydney – but not as much as in Melbourne and Penthouse sales hit bargain basement had Sydney Morning Herald property editor Jonathan Chancellor a very busy journalist this week. “Sydney’s $5 million plus prestige residential market has stalled. The number of sales this year sits at slightly above the low levels recorded during the trough of the global financial crisis. There have been 45 sales higher than $5 million during the first quarter of the year, a small rise on the 44 sales in the March quarter last year. Volumes are well down on the 74 sales in the 2007 March quarter, and 63 in the 2008 March quarter.” Richardson & Wrench Mosman & Neutral Bay (RWM) recorded 5 of the recorded 63 sales. Subscriber sales jumped to $942,854,220 this week.

Australians’ insatiable appetite will continue although it must be noted that home loans, power and now gas – the family budget squeeze is on given NSW families will have to find an extra $3,000 in their annual budgets by the middle of next year as the soaring cost of living consumes an additional three weeks of the average worker’s wage. Even though land prices are growing at their fastest rate since 2004. No data: foreign buyer property puzzle which by coincidence identifies a twelve month anniversary since The Emperor abolished the acquisition by foreigners of Australian real estate. At 6:38 pm on April 21 I received this notice REA as well as a increased number of emails from Russian buyers agents looking to acquire residential properties.

Foreign men of property move in which demands an answer as to exactly why The Emperor approved this policy change – without consultation. Given home – ownership dream dims for Gen – Y where NSW ‘s dire housing shortage has been exposed by figures revealing that the State needs an extra 120 homes every week to keep up with population growth. To make matters worse, the average rental  of a Sydney house  is approximately $110 more a week than it was five years ago. So Fort Fumble wastes billions on pink batts and the building education revolution – and now it is taking on health? Back to Luna Park and that “Big Dipper” which resonates with Kevin 07. Although not alone – NSW still nation’s basket case, say analysts – the NSW economy continues to be the worst  in the nation and  analysts say, the government must urgently introduce initiatives to stimulate growth in housing construction, business investment and jobs.

As quick as a flash, The Emperor hightailed it to Tasmania rifts open in Kevin Rudd’s health plan given the rethink on insulation scheme over safety fears which then transformed into a junior minister Greg Combet announcing troubled insulation grants get the chop resulting in another taxpayer initiative $2.450 billion down the gurgler. Interesting that The Emperor was all over the stage announcing this – then hides when it is cancelled.

Bob Hawke and John Howard debate our future where the combined consensus was to remove states/territories from all forms of government.

Congratulations to Jacqui and Mike Rowland – Smith who this week delivered a brother for young Will – mother and baby are both healthy and happy.

Cheers ^__^

This week’s sales Mosman real estate, Beauty Point real estate, Clifton Gardens real estate, Balmoral real estate, Cremorne real estate, Cremorne Point real estate, Neutral Bay real estate, Cammeray real estate Click Here

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23.04.10Robert Simeon1 Comment »

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Big statement you may say – well we didn’t say it RP Data’s Property Pulse revealed “Premium properties provide higher returns but volumes have remained relatively low in 2009”. It then went on to say “for cashed – up buyers the premium housing market could be poised to deliver excellent returns in the future.” A comprehensive property report that tracks Australian municipality machinations from 1999 through to 2009. What is interesting to observe, is exactly how the global financial crisis impacted property markets. We have published all the graphs in this week’s edition.

Property Pulse Highlights

• Sydney’s Mosman leads the nation with the highest number of house sales priced at $1 m or higher.
• Sydney and Melbourne featured equally in the top 20 suburbs for $1 m plus house sales in 2009.
• The Western Suburbs of Perth holds two of the top performing suburbs in the analysis.
• For units, the Sydney suburb of Pyrmont led the charge with 95 unit sales priced at $1 m or higher (that’s only 22 per cent of all Pyrmont sales in 2009,highlighting the wide variety of unit product in this inner city suburb).

BUY PRINT

The Sydney Morning Herald’s property editor Jonathan Chancellor wrote last Saturday, “Mosman turns up auction heat”. “Mosman has led the resurgence in auction activity with 100 listings in the first quarter, up from 43 during the same period last year. The pricey suburb’s 67 per cent success rate bettered the dismal 37 per cent clearance rate during the eye of the global financial storm.”

Each week we publish the weekly sales results and I would add that (some) agents have been doctoring the results of auctions which were passed in then, hey presto, two to four weeks later the very same properties reappear as ‘Sold – Auction’ (never let the facts get in the way of a good story).

Across Sydney, agents conducted 4560 auctions in the first quarter of 2010, compared to 2960 over the same period in 2009 (according to Australian Property Monitors). The previous record was 4330 in 2008 so by all accounts Mosman again, is up and up and we can predict with confidence, that despite interest rate increases, consumer sentiment should not wane despite rate pain.

Source: RP Data

These are telling graphs that (historically) identify 2007 as being the all time peak property performance year. Take the 4330 auction record quarter in 2008. You will note that there was hardly any impact on the 2008 sales results simply because just a minority found new owners. The majority recorded a zero sales result. In 2010 we have seen new Sydney record auction volumes and this time around , agents are matching vendors with purchasers. That said, in 2010 there is a distinct possibility that the previous record sales results posted in 2007 will be surpassed, because top – end property markets are now re-activating. This explains the lengths we (RWM) go to on a weekly basis, to accurately cover our demographic property market. It also endorses the fact that we have the number one online Mosman newsletter and are positioned as the number one Mosman agency with Australia’s greatest number of database real estate subscriber sales $943,479,220.

Source: RP Data

Source: RP Data

10% rates on the way proved to be a interesting headline last Sunday. The only problem is, that consumers get it and Fort Fumble (Federal Government) doesn’t. Suffice to say: when in an election year, keep buying votes. Rory Robertson, Macquarie’s interest rate strategist, says a booming labour market could force the RBA’s hand. “If the economy keeps on growing like this, we will hit the previous highs in the cash rate.” Mr Robertson went on to say, “we already have a template of what happens when the economy grows strongly – we saw it before the Lehman Brothers collapse in 2008 – so we know how the Reserve Bank responds to the threat of inflation. It hiked aggressively back then, and it is doing the same now.”

On the one hand we have the Reserve Bank of Australia telling us to curb spending while Fort Fumble keeps spending at record rates. In search of an answer I went School building program won’t stop: govt Federal Education Minister Julia Gillard says the $16 billion school building programme won’t be suspended, pending an investigation, because it would mean job losses?

Don’t waste the boom, Mr Rudd where Alan Kohler wrote on his Business Spectator “In Australia, according to the ABS, there is now $133 billion worth of construction in the pipeline – the greatest investment boom in history.” Looks like our Education Minister needs educating on exactly what is happening in Australia.

Oh dear! Miss Prissy Julia Gillard hires a banker to unearth schools stimulus. A Mosman banker too! Undoubtedly, the findings will make for great reading. Personally, I don’t blame the builders given they were asked to quote for the building works and Miss Prissy approved the quotes.

What annoys, is that yet another $14 million has to be spent to correct political incompetence – on top of insulation, schools and border protection. The list goes on and today, Australian taxpayers are fast becoming a modern day version of a human ATM.

House prices plateau as buyers flee in droves – buyers are deserting the Sydney property market at the rate of 1000 a month, causing real estate professionals to predict an “exhausted market” where prices plateau for the rest of the year. This will definitely happen in many areas although it won’t happen in Mosman. Official figures show the number of loans to buy houses in NSW slipped from in September to just 14,300 in February after sliding in each of the past five months. The Australian Bureau of Statistics figures identify February as the worst month for home loans since 2001. Nationwide, just 2174 people borrowed to buy new homes, a figure that also reflects the low number of new homes on offer. School canteens override Construction slides as affordability worsens.

Alan Kohler from Business Spectator has a great ability to simplifying things and again, he brilliantly achieved this, when he wrote this week Deflating the credit bubble myth. “That’s why everyone keeps getting the property market wrong even the bulls have been surprised at its strength.”

“Anyway, a plateau this year would hardly be surprising, in fact another 12 per cent rise in the national median house price in 2010 would be staggering, and would see the RBA cash rate closer to 6 per cent than 5 per cent by early 2011.” My prediction is a cash rate closer to 6 per cent by Christmas given clearance rates in Sydney last week hit 70.7 to 73 per cent. Melbourne recorded 75.5 to 85 per cent – clearance rates above 80 per cent are considered a boom market.

Something I been saying for years!

Rising support to abolish state governments no doubt when the respective premiers read this the fear factor of incompetence overrode hospitals takeover on critical list. Four in ten voters favour abolishing state governments, seeing them as the least – effective level of government and increasingly looking to Federal Government to fix health and other problems. Fort Crumble had yet another outstanding week for leadership Blame game begins on F3 traffic chaos and Losing bidder won ferry contract. All part of The Emperor’s (Kevin Rudd) daily growing pains trouble Rudd in Big Australia.

Back to Mosman – our cutest and newest resident celebrated his one month birthday this week.

Happy Birthday “Pathi Harn” (Miracle) – The Emperor is praying for one too, because he knows that voters have memories like elephants!

Cheers ^__^

This week’s sales Mosman real estate, Beauty Point real estate, Clifton Gardens real estate, Balmoral real estate, Cremorne real estate, Cremorne Point real estate, Neutral Bay real estate, Cammeray real estate Click Here

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16.04.10Robert Simeon4 Comments »

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A hypothetical Mosman forecast: (not to be read by the faint heated) – walking your Labrador could soon see you walking on private property. Remember the “once upon a time” analogies? Time brings change – and those picturesque ‘rivers of gold’ (public sanctuaries) are a great starting place.

Sydney population to top 6m in 2036 according to a report compiled by the NSW Planning Department. It forecasts a 40 per cent gain from 4.3 million in 2006. Based on data compiled from the 2006 census, the population of NSW will increase to 9.1 million which is a scary thought, when Fort Crumble (NSW Government) does not even come close to meeting present day planning demands for infrastructure, transport, schools, hospitals and roads which are currently in gridlock. More importantly Fort Crumble is broke!

So let’s look into the property crystal ball Sydney suburbs ready to boom Fort Crumble has turned its attention now to transport in the south–west, rather than the north–west. The population of the top 10 local areas, will increase by more than 50 per cent – Camden, Liverpool, Burwood, Auburn, Wollondilly, Sydney, Wyong, Campbelltown, Baulkham Hills, and Strathfield. So south-west is up by 113 per cent and north–west up 52 per cent. Metro cost more than Labor admitted which should come as no surprise. To meet these unprecedented demands, governments on all three tiers will jump into a dash for cash given they are all entrenched in budget deficit. And don’t forget the huge injection of green shoots for the building industry, the economy and increased tax receipts.

BUY PRINT
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Middle Head is arguably Australia’s most sought after real estate and Mosman’s “Jewel in the Crown”.
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So what can we expect? The greatest sell–off of (open space) land for residential development and Mosman (given its abundance of foreshore land) would become a major revenue raiser for funding sustainability. The ‘posh’ will utter, gosh! A strong possibility that Mosman sea scapes could resemble those from Whale Beach to Palm Beach“. Of course governments will say ‘it is all in the name of economic progress’. Simply put – we may believe we are the custodians of open space and even though we don’t have title to this lifestyle privilege, money talks and many areas that are untouched, could lose their virginity!

We now find that one in four NSW councils is on the brink of being unable to pay for essential services – Gone to pot: councils on brink of slashing services. We are already hearing murmurs that some Councils are looking at selling off public golf courses and replacing them with housing estates.

The Municipality of Mosman (currently) has just under 5000 houses so it would be fair to assume that just like other growth areas it too must expand by up to 25 per cent (another 1250 homes). For this to happen (hypothetically) we would see a new housing estate created on Georges Heights and Middle Head which are prime development areas as to Bradleys Head and Clifton Gardens

Cliff top land value sales using Burran and Hopetoun Avenues comparables on Middle Head would deliver sales from $7,000,000 to $15,000,000 + per block (let’s average each block out at $10,000,000): the governments would love these revenues to assist funding pressures. Working on the premise that HMAS Penguin would become a vacant block from Chowder Bay through Middle Head to Balmoral vacant land sales would deliver hundreds and hundreds of multi – million dollar sales. Not to forget also, a huge injection to Mosman Council revenues, courtesy of additional Council rates from subdivisions that could create another 1000 + houses. It may never happen – but it would be a brave person to rule out such a brazen move (otherwise called progress!)

The Emperor (Kevin Rudd) announced his newly created portfolio of Minister for Population this week and as quick as flash Population Minister Tony Burke says migrants should go bush. An interesting debut? Tony Abbott backs a debate on population levels ”Let’s face it; Sydney and Melbourne in particular are choking on their own traffic.” Whilst a population debate is necessary, we are not hearing anything about (more importantly) an infrastructure debate!

Malcolm Turnbull prompted Macquarie Street whispers, when he announced that he was leaving Federal politics A plea to Malcolm Turnbull – your State needs you wrote The Punch. “If anyone can smash his way through the paralysis which grips NSW politics it is Turnbull. In the absence of a mercy rule, NSW voters currently face a battle between the legally blonde and the legally bland. There’s Kristina Keneally, who despite assuring us she’s “nobody’s puppet, nobody’s girrrrrl,” was slotted in by the factional bosses in a vacuous marketing exercise which has nothing to do with policy and everything to do with personality.” Clue: NSW Labor out to buy next election.

The Emperor came in for a touch – up Kevin Rudd’s $3.2 bn health and hospital funding favours Labor seats and Rudd’s new challenge: fix schools so the pains continued Blunders becoming harder to defend and Schools chief orders checks on 260 projects.

The Reserve Bank of Australia (RBA) notched up its fifth 25 basis – point rate hike in seven months taking the cash rate to 4.25 per cent – Good times sting as interest rates rise. Given we are in an election year ,The Emperor would have been somewhat perplexed when he read Housing stress may bring political pain. Economic side – kick Wayne Swan delivered these political pearlers “I know that is cold comfort for a lot of families and a lot of people in businesses,” he said. Then “rates are now at the level that they were when the Liberal Party imposed on Australia 10 rate rises in a row so rates are still at historically low levels.”

Wayne, so what you are saying is that the last five interest rate rises are your doing, given that your Government is in power? It has been well documented that the cash rate will return to 5.50 per cent so, Wayne, that would then make it 10 all. Doh!

Tourism Australia announced its new tag line There’s nothing like it superseding “Where the bloody hell are you?” Why do they continually write about politicians?

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So do you think our treasured foreshore reserves will be turned into a residential subdivision? What would such a plan do to top – end prices? Remember, this is Australia’s most prized land. See you on our blog as I suspect this topic may break our previous record number of comments.

Subscriber sales jumped to $938,179,220 this week. We exchanged $31,000,000 in just three days, setting the highest sale in Mosman for 2010. Thank you – subscribers.

Cheers ^__^

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9.04.10Robert Simeon8 Comments »

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In the Aussie vernacular we call it “dumber and dumber” – The Emperor (Kevin Rudd) prefers to call it “shaking his sauce bottle”. What this really means, is that he instigates a plan, turns it into  a huge economic catastrophe  and leaves it for someone else to sort out! .  The cracks are starting to appear everywhere so let’s look at them.  Political polyfilla is not the answer, as Fort Fumble (Federal Government) experiments and fails miserably with untested, bad policies – their learning curve.

Ross Gittins wrote in The Sydney Morning Herald Rudd ominously silent on climate change. “We know Kevin Rudd has what it takes to win elections and it would be amazing to see him lose this year. So we know he can survive as prime minister. A much harder question is whether he has what it takes to be a good prime minister.” The Emperor has transformed himself from a Yes Minister to a Guess Minister! Or possibly a Guest Minister!  He can’t differentiate between ‘politically correct’ and ‘policy correct’ – The Emperor’s scorecard is displaying the letter “F” (Fail or F#$@ – up).

“Rudd has been frenetically active since Day 1. So it’s truer to say he doesn’t have a lot to show for all his activity. And some of what he has to show isn’t very impressive. His notorious attention to detail doesn’t seem to be paying off.” I would challenge the words paying off – as Australia will be paying – off these bad policies (on the run) for many years to come and with nothing to show for it.

BUY PRINT

Tim Mooney is developing a cult following here and this Paddington capture shows why – maybe one of our Eastern Suburbs real estate agent subscribers can identify which street this is? A timely photograph given last weekend’s ‘Super Saturday’ which is also addressed in this week’s edition.  Maybe the” Mosman Word Smith” can add some light given skylight sales are obviously very popular in Paddington – let there be light and insight! Over to you Billy boy – I’m sure you can’t identify it.

.Back to Ross Gittins “This is true of their reporting of the insulation scheme and the school building program. Even so, you get the feeling we’re seeing an instance of Rudd’s inexperience as a leader – his belief that, by thumping the table, he could make things happen.” Now for another crack – “I think it was veteran journalist Laurie Oakes who said that in Howard’s first term he made every mistake in the book – but he only made them once. Has Rudd got such a steep learning curve? I hope so, but I’m beginning to wonder.” The great moral challenge of our time, climate change, is no longer great and it’s no longer a challenge for The Emperor who has buried this along with his double dissolution threats. Rudd’s home insulation scheme caves in more than $1.500 billion has been spent and there are now concerns that the repair bill for roof inspections and the replacement of botched insulation will consume what money is left in the scheme – an estimated $800 million. Hospitals -next?

High clearance rate makes a Super Saturday wrote Jonathan Chancellor from The Sydney Morning Herald. “Given the weight of auction listings, the 680 weekend vendors did rather well on Super Saturday, the second biggest auction day in the state’s history.” From the 680 weekend auctions Mosman conducted 11, for a clearance rate of 78 per cent according to Domain Property Data. The highest Mosman auction house sale was $3.600 million. “The inner west remains the red – hot epicentre in Sydney, with an 83 per cent success rate from the 100 listings – at an average of $955,000.” Now another crack “the south west – with only a 50 per cent clearance rate – was the weekend’s poorest auction district.” When the First Home Buyers Grant was running this was the strongest region – although this demographic property dashboard is a major concern when interest rates start increasing.  Just like 2006, when property prices dropped significantly. House sales going, going gone for a record and families camping out for land in new ‘town’. Housing shortage set to get worse yet house sales fall in February: HIA report.

Here is why – property market may be overheated, RBA Governor Glenn Stevens says reaffirmed that interest rates were on the way up, countering a belief held by some that rates would remain low after the global financial crisis. Economists are now calibrating a 60 per cent likelihood of a +0.25 per cent cash rate increase when our Reserve Bank of Australia board meets next Tuesday, to share cucumber sandwiches and croissants washed down with copious amounts of herbal teas.

Of course the bull in our property china shop will be discussed. The Emperor, for unknown reasons, lifted foreign ownership restrictions which previously were set in stone. Chinese buyers underpin housing prices prompting RBA governor to request data from the Foreign Investment Review Board in order to ascertain and pinpoint their exact participation – good luck!

Last week, the Australian Bureau of Statistics revealed that Australia’s population reached 22,066,000 on September 30, 2009. 66 per cent of population growth was due to overseas migration and 34 per cent was due to births over deaths. Let’s get real on population and The Emperor cracks a century 100^th asylum boat intercepts navy patrol where our latest arrivals sailed in undetected at Flying Fish Cove then called Australian authorities to advise that they were ready to book in – room service? Of course not, the island is not, named after Father Christmas for nothing. Fort Fumble has been forced to run a series of advertisements in Indonesian newspapers – ‘No Vacancies presently at our Australian island resorts on our west coast yet vacancies remain on Hayman and Hamilton Island. Please take a minute to observe this video Queensland beautiful one day – perfect the next.’

Cap no solution to Australia’s population challenges said Wayne Swan “that is why we are investing so heavily in our infrastructure.” Reserve Bank governor Glenn Stevens says Sydney property boom will make it hard for his children to buy home then the Mad Monk – Tony Abbott ran in and said Rudd has presided over rip off after rip off yet our Australian population growth is double the world average. So what we need is more policy when Julia Gillard announced that Tony Abbott should be making policy, not running. Julia, he did announce policy when, prior to commencing the Iron Man competition, he said he would break 14 hours!  Well he delivered 13:57:01 and that is a political announcement that came within time! Home insulation, schools, border protection and population are sensational policies too, as is the demoting of (the human headline) Barnaby Joyce.

I agree with Ms. Gillard that the Mad Monk should concentrate on policy not running (although Julia’s policies are fast becoming a national embarrassment). However, we must give credit where it is due and our Fort Fumble is addicted to buying credit (apparently endemic within the teachings at the School of Economic Conservatism).  Plenty to report next week on that.

Have a fantastic and safe Easter (just a bit of trivia) it was six years ago when Sydney last had a totally dry Easter and I’m not talking about alcohol! To the Virtual Realty News blog we go.

Cheers ^__^

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1.04.10Robert Simeon6 Comments »