Clearance rates up

Clearance rates up

As they say, “some people use statistics like a drunken man uses a lamp post – for support rather than illumination”. The weekly clearance rates were 69% for Sydney last week, which by all accounts is an excellent result, especially after those enormous rate increases by The Reserve Bank. Still amazed that (some) property journalists write the market up with typical headings like “Rate Rises Ignored”. This makes as much sense as an Italian soccer fan buying tickets to the final!! With a rise in interest rates it is the personal luxury items that would be affected. The pooch may have one less pampering session, the amount of Super 12 tickets bought for next season could be fewer, and the water taxi to the Opera may be replaced with a humble stretch-limousine!

When reading The Manly Daily last weekend, I noted with interest the volume of property available for rent in that area. Some agencies were advertising up to seventy rental properties! This could be as much as twenty five per cent of their property portfolio. An agent in Manly told me that he just let a property in Addison Road for $500 per week. It was vacant for four months and was previously rented at $900 per week. This is not a good sign for their market. In comparison, the Mosman rental market is more solid, with around a seven per cent vacancy rate. We believe there is still a shortage of good family homes available for rent in the Mosman area.

We watch the market as closely as we can so that our opinions are correct and balanced. It is no secret that I am passionate about the Internet, and when one looks at our web statistics, it becomes much easier to understand why. The amount of page views to our site in May totalled 43,146, or 164,534 hits. We monitor how many people view each property and the countries from which they surf in from. The top country is Australia, followed by America, Singapore, United Kingdom, Japan, New Zealand, France, Norway, South Africa and Pakistan, making up the top 10. Interestingly, we have the most visitors at lunchtime. Don’t worry we won’t tell your boss!!

The market is moving on a “steady as she goes” course. It was interesting to see a property that was purchased in December last year for $2,700,000 sold last week for $3,060,000. All they did was change agents! This is a sure sign that the market is more than holding its own and the bargain hunters might be better satisfied if they change post codes!! 2088 is still the strongest property currency in Australia.

It was back to school this week with “Careers Night at Shore”, and a big thanks to the organisers for not causing a furore by having Ray Martin and I speaking at the same time! I would like to thank the two boys who turned up to hear me speak!! Actually we were amazed at the number of students who attended, sending out a clear message that real estate is now seen as a very popular vocation. I hope they know what they’re in for!! Clink, cheers and a good old ^ __ ^

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