Final Stretch

Final Stretch

As we enter the final stretch, we have more than the Melbourne Cup to occupy our thoughts. Just like daylight saving, the property market is sending out a clear message that there is still plenty of light shining upon it. The auction market is certainly very different, with the buyers willing the market down, and many have stopped waving at the auctioneer. What happens now is determined by how the respective agencies adapt to this market, and what strategies they exercise to secure a sale. From our perspective, we prefer a more laid back approach wherein we exhaust all avenues before we execute the sale, as against some agents whose vendors are leaving the auction rooms with a tourniquet and severe concussion.

At the end of the day the sale of a home is not life threatening, nor should it be treated that way, because the purchasers will still be there tomorrow, as was the case with our auctions this week. The two properties that failed to attract a single bid were both sold the very next day, and yes the vendors are very happy. What we are seeing is a ‘push and shove’ market. Some purchasers believe that they are in the driver’s seat, only to find out the car they are sitting in is actually in neutral. Oh well, back to the real estate section in The Mosman Daily for them!!

As we enter the first week of November it will be interesting to see when the market drops the final curtain for the year 2002. We believe that unlike last year, the market will effectively trade well into December. The ex-pats are somewhat dominant at the moment and over Christmas and the New Year period, they will be the big contributors to the market. From the e-mails we are receiving many are returning home for Christmas, and January could very well be a record selling month. Actually, next year is shaping up well with the much-awaited news that the interest rates will drop again, which is great news for the property market. We expect the first run of properties in the New Year to be much the same as this year. In a word, “bullish”.

Many of the ex-pats who inspected properties at the end of last year have now studied and compiled twelve months of market research, leaving them better informed which will allow them to comfortably purchase a property over the Christmas period. The property market is really and truly a global market now. It will be very interesting to see what volume of sales are attributed to the ex-pats over Christmas and New Year.

We have around fifteen million dollars of Mosman property awaiting exchange at the moment, and we will report more on those next week. For any who believe that the property market is a spent force, here is an interesting observation. A few agents will eclipse their all time selling records this quarter, and that is not off the record.

Have fun, and if you are in negotiations on a property don’t think you are Robinson Crusoe, a few this week were left feeling like him!! Cheers and clink …^__^

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