AT THIS RATE, THE MARKET LOOKS VERY PROMISING !!

AT THIS RATE, THE MARKET LOOKS VERY PROMISING !!

All eyes are on our ‘Governor of Moolah’ who on Melbourne Cup day, may be looking at a totally different sweep for the property market, when the Board meets to set the cash rate target. This will mark the twelve month anniversary of November 5, 2003, when he bumped the rate by +0.25 per cent. This week’s announcement that the consumer price index rose by just 0.4 per cent in the September quarter, which as it turns out is down on the anticipated 0.7 per cent growth expectations, should ensure that the cash rate target remains at 5.25 per cent. Many are now anticipating a December rate increase as the property market will be breathing plenty of fire in November, as already, the market is posting record sales. The prospective purchasers are now embroiled in a totally different property market with many vendors expectations being exceeded.

The Eastern Suburbs, laid a solid foundation with ‘Rona’ selling this week reportedly for around $20,000,000. Next, John Laws sold his home for a record price which is believed to be in the vicinity of $7,750,000 to $8,000,000. In Mosman, a waterfront that had been on the market for just over two years has reportedly sold for just over $10,000,000, which is the third double digit sale in just over a week. We set tongues wagging in September last year when we sold a home in Holt Avenue for $2,225,000 as this was the first time a sale had been posted in excess of $2 million. In August this year, a nearby home eclipsed that sale with a $2,270,000 sale. This week the record was smashed with a $2,450,000 sale which, when you consider the home is on just four hundred and fifty square metres, shows how strong the ‘Mosman $’ is at present.

No doubt our esteemed Premier ‘Bobby Dazzler’, will be rubbing his hands together at the thought of the Stamp Duty coming his way to help the ailing ‘State of Decay’. His ‘Exit Tax’ is delivering only forty per cent of the anticipated earnings which explains why we are fast tracking a budget deficit of $555 million which will be the first in a decade. We are experiencing horrendous problems with water, transport, health, education and the lack of police and with the recent blackouts, agents were showing properties with the aid of a torch!! We would also like to thank Energy Australia, for all the work we lost with the black-out on Tuesday and it was very nice to receive apologies for the inconvenience caused??

The average price for a home in Mosman managed just a five per cent increase for the twelve months to 30 September 2004, now you need $1,938,501. Apartments climbed three per cent where the average price is $584,486. Cremorne homes posted a zero price increase to leave it at $1,375,101, and apartments climbed five per cent to see a new average of $574,394. At Neutral Bay, the average home climbed nine per cent to $1,285,900, apartments fell two per cent to see the average at $610,522. Cammeray homes dropped three per cent, to see the average at $1,035,541, apartments were up four per cent to $537,139. Overall, a very positive and promising spin on the property landscape.

‘Just Listed’ was very upbeat with its successful launch last week, and is now very optimistic given the positive feedback. Cumberland Newspaper Group, today launched their new product “Moving On Up”, which is a full gloss section that will appear each week in The Mosman Daily, and the North Shore Times. It too, is a sleek and clean look which will feature twenty modules to a page, it is very affordable and will offer vendors in the lower price range, effective colour advertising. Domain East jumped to eighty pages, and word is that its newspaper publication will be up further in next week’s edition. The rumours that another group is set to launch into the ‘Trojan War’, won’t go away either !!

Over the next few weeks we will be launching some fantastic new homes, two in particular are landmark Balmoral properties. It has been a tough year for the property market, and the current environment certainly makes the wait worthwhile. Cheers and clink ^__^

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