Welcome to the 150th edition of ‘Virtual Realty News’, and still no ‘Nobel Prize’ nominations!! For the third consecutive month finance on housing dropped 15.5 per cent, and every man and his dog is barking that the property market is gone, finished and totally wiped-out. Reminds me very much of the saying “When one wishes to be regarded as learned, he has to prove himself repeatedly, whilst the fool can establish his character in a single performance”. (You’re probably thinking that this is my 150th performance!) Yes, the market has changed and I am the first to admit it, but the property market still continues to trade on a much more level playing field, where we have a greater balance between the vendors and purchasers. Our market is not as rapid-fire as it was eighteen months ago, however if you think that property prices will drop significantly, you have been profoundly misled.

Such a ‘woe is me market’, even with the news-breaking-story this week in The Sydney Morning Herald by the Property Editor (Detective) Jonathan Chancellor that a home in Warrawee, (that’s the Upper North Shore, for our out-of-towners) has just been sold for $12,000,000. Yes, as the struggling property market wobbles about, the all time highest sale price on the Upper North Shore has been posted. Yes, it was the bashful team here at RWM who stepped back into the record books once again. The home was listed by Steve Patrick and sold by Richard Simeon (I taught him everything he knows). Richard has now jumped ahead of the double digit sales club by posting his second big sale in ten months, which is an awesome effort. We now hold the highest residential sales for the Lower and Upper North Shore!! Now for the trifecta; what odds of grabbing it in the Eastern Suburbs? We’d better hurry up before they also discover computer technology.

I have been having sleepless nights with concerns that our esteemed Premier Bob ‘State of Decay’ Carr, is in a pickle with the State’s ‘moolah’. Faced with his hardest budget since he took ownership of the throne, poor Bob is looking somewhat flushed. Claims that his ‘State of Decay’ has been robbed of $376 million by the Commonwealth Grants Commission, the man of the great outdoors was not a ‘happy camper’. When placed in this most difficult predicament, Bobby ran straight to his Tax Payers Fund and (reportedly) withdrew $1,000,000 on a self promoted advertising fund. The advertisement has everything except a box of tissues! Oh well, we all remember what happens when dawn breaks!! It seems that I am not the only one who noticed that our great state is in decay. The Financial Review ran a pearler this week when Tony Harris wrote a great attack on the Carr government. I loved this piece, “who knows when the decay of the NSW government really started? Dry rot can take years to become visible. But just before last Christmas, more evidence appeared that the Carr government cannot cope with the issues that are besetting NSW”. Well, that is nearly correct. Who could forget Bob’s stance on the groper protection on Clovelly Beach, that was some of his best work. However, just before you think it’s safe to get back into the water this weekend remember, Sydney remains the only major city in Australia that pumps raw sewage into our beautiful Pacific Ocean. No wonder poor Bob is ‘on the nose’.

Then to make matters worse ‘Little Johhny’ came into the Stamp Duty debate faster than the popular modern day ‘Premium Property Tax’. The PM took time out between the drinks session of the Test match between Australia and Sri Lanka, to back the recommendation that states scrap or seriously reduce stamp duty in an intelligent attempt to ease Australia’s housing crisis. Climbing onto his shoe box, he announced in true Howard style “They are getting the GST and stamp duty – that’s the jackpot, tatts and lotto all at once”. And you thought the property market was feeling ill. Spare a thought for poor Bob! I am sure he felt better as he surfed the commercial channels looking for another re-run of his earth shattering commercial.

Well what about the property market you may say? Well it is still the same, the dynamics have not changed and houses continue to sell. Given that we are rejoicing in our 150th edition, we hope that you have enjoyed reading them as much as we have enjoyed bringing them to you. Cheers and a triple clink, to another thirst quenching edition of VRN…^__^

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