Forget clearance rates

Forget clearance rates

Forget the clearance rates, it is now a clearance sale with the Mosman market embroiled in a ‘dash for cash’ as vendors meet the market. After more twists than a whodunit, once again the intrigue of this unique market is forging ahead and post-auction sales are running faster than an English cricket selector. Such is the renewed confidence, previously failed auction properties now have plural purchasers and in many instances it is ‘advantage vendor!!’

With the Mosman market now participating in the greatest stockpile of property that we have ever seen, it was only a matter of time before something had to give way, and thankfully sanity is prevailing. Whilst the market here has been documented as having burst, the Eastern Suburb’s market is performing exceptionally well, so it was only a matter of time till the tide turned. Momentarily, it was a ‘back to basics’ approach and prices now appear to be self-correcting at approximately five to ten per cent from previous price expectations. This figure differs significantly depending on which agent a vendor engaged to conduct the marketing campaign!!

Opinions of value vary quite dramatically from agency to agency, however with some agents suffering from post auction paranoia, their previous exuberance about price expectations is now as consistent as a meteorology forecast. The current market is acknowledging that vendors now don’t have the luxury of safety in purchaser numbers. In most instances, a property may only have one to three interested buyers, and now the experienced agents are coming to the fore.

In order for one to really understand the direction in which the market is going, and how it is performing, is actually quite easy. All you have to do is log onto the agent’s websites and look at the available property listings. If the available property listings are reducing in number then you will see who is actually getting it right, as against those who rely solely on the ‘hope factor’. We are experiencing fantastic Internet interaction at the moment and it is actually the ex-pats who are noticing a reduction in our property numbers. This is prompting quite a few e-mails with a “please explain what happened to this property”.

Quite a few ex-pats have registered for our ‘Ex-pat Christmas House Hunt’ and quite a number of them have already landed on our shores, with the hunt on in earnest to secure a home. We expect over the next few weeks to see our ex-pat sales increase by a staggering ten per cent, so it is great to see the business dynamics working. Take a look at our property menu, to see the current status of all our properties.

Nothing beats a run of property adrenaline in the veins, and it is great to see the Mosman market mounting a successful fight back given the current economic/social circumstances. In years gone by we have witnessed the market cease trading at the end of November, this year I predict it will trade up to December 23. The following properties have been sold this week, 56 Prince Street, Mosman, 37 Wyong Road, Mosman, 19/2 Clifford Street, Mosman, 19 Weemala Road, Northbridge and 9/15 Hampden Avenue, Cremone.

If the property bubble has well and truly burst and the Mosman market is in dire straits, it is quite amazing that within the space of 10 days we have exchanged $19,500,000 in property. By the time you receive your next edition, we envisage that this figure will be just over $30,000,000. I just love it when a plan comes together!!

Cheers and clink ^__^

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