A PASS WITH FLYING COLOURS !

A PASS WITH FLYING COLOURS !

It’s time to take a closer look at the performance of the property market from July 2006 to July 2007. Overall, an outstanding performance!

According to Home Price Guide over this twelve month period, Mosman posted a combined 820 sales for a total value of $1,467,011,000. Mosman municipality has in total 11,131 residences comprising 4,157 houses, 1,413 semi-detached, 5,472 apartments and 89 other (whatever that means). The combined average was $1,829,000 with a median price of $975,000. Mosman houses posted a very respectable 427 sales for a combined total of $983,094, 000 with an average price of $2,380,000 and a median price of $1,830,000. Mosman apartments posted 507 sales for a combined total of $375,548,000 with an average price of $751,000 and a median price of $520,000.

Neutral Bay posted 503 sales for a total value of $433,691,000 (Mosman $1,467,011,000). Neutral Bay houses managed 85 sales (Mosman 427) for a combined total of $107,372,000 (Mosman $983,094,000) with an average price of $1,309,000 and a median price of $935,000. Neutral Bay apartments posted 418 sales for a combined total of $326,319,000 with an average price of $792,000 and a median price of $590,000.

Cremorne posted 433 sales for a total value of $375,781,000 (Mosman $1,467,011,000). Cremorne houses posted 115 sales for a combined total of $179,971,000 with an average price of $1,565,000 and a median price of $1,200,000. Cremorne apartments managed 318 sales for a combined total of $195,810,000 with the average price being $628,000 and the median $541,000.

A very positive response indeed, given that for this twelve month period Mosman,Cremorne and Neutral Bay had a combined sales volume of $2,276,483,000 which attracted Stamp Duty. So where does the market go from here ?
Yesterday, it was off to that must attend Macquarie Bank Real Estate Market Outlook presentation to “hear Macquarie’s outlook for the real estate markets in Australia as well as globally and the extent to which capital markets and liquidity are driving demand and investment.” Rod Cornish Head of Research described “the past year, a booming global ec onomy, buoyant business conditions, stacks of cash and a new breed of investors and vehicles have added to the fun, propelling many real estate markets to 20-year highs.” His residential overview “This year marks the stabilisation phase of the east coast market, which usually follows a slowdown as the next stage of the cycle. Only parts of residential have come to the party and the invitation, but the invitation is out there for the rest of the sector to join in.” You can download the report at www.macquarie.com/remo.

In a nut shell “All markets will be supported in the next 12 to 18 months by improving economic conditions, a relatively moderate interest rate forecast, healthy wages growth and high levels of net overseas migration.”

In other words game-on or, as Macquarie Bank preferred to call it The Real Estate Carnival. Cheers ^__^

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