It’s good news week!!

It’s good news week!!

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With Robert still sunning himself in Thailand, I will make today’s report brief, as I know I cannot compete with the master!

I think Richard Simeon’s column last week sums up my opinion of the market as well. For the first time in 12 months, we are getting some positive reports from economic advisors.

I, like many I am sure, get up every morning and switch on to the international business channels on Foxtel. It gives a reading or a ‘pulse’ of what is happening around the USA, Europe and the UK. For the past nine months, it has been depressing to hear the daily doom and gloom. Lately however, although the news has been cautious, it has been more up-beat and positive. The stock market seems to have bounced back of the bottom and stabilized and this is what I believe has also happened to our market.

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www.timmooneyphotography.com

As you know, our recent spate of sales in May-June saw us selling lots of houses and units…….a pleasant change, I must say!

Because the market has bounced back and stabilized, the bargain hunters will struggle to find a bargain and will have to pay a fair market price – I repeat ‘fair’, not bullish.

I feel people who bought in the past six months, may have bought at the bottom, although not all were at bargain prices. Some prices were very strong, because they were prime properties in prominent positions.

I had a meeting with an old real estate colleague this morning, who has been in the game for 25 years. He is marketing a project at ‘Top Ryde City apartments’ which is a huge retail, commercial and residential development in Top Ryde. It is apparently the biggest development of its type in Australia.

Tony tells me that last week end, they sold 47 units off the plan – not to first home buyers, as they are too dear for that market. All the buyers are local families and investors. This shows that the tide has turned and people are confidently getting back into real estate. Tony’s comments were ‘we are coming out of this downturn much faster than the early 90’s, which dragged on for three years”.

The local market is short on stock not short on buyers, so this in itself, will keep prices steady. So I think it may be time for the ‘fence sitters’ to make a decision and get back into the market before they miss ‘the best home for them’ by being too price sensitive and not practical.

I hope everyone has enjoyed a great school holiday break and look forward to seeing you at the ‘opens’.

Cheers,

Steve

P.S. For all those interested rugby followers, the Mosman U12’s Cuda’s tour of N.Z. was a 3-0 white wash for our local team – winning all three games in Queenstown. Luckily, Robbie Deans who lives in Mosman now, can run his eye over some future Wallabies!!

For this week’s recorded Mosman real estate, Cremorne real estate, Neutral Bay real estate and Cammeray real estate sales www.rwm.com.au/news/

2 Responses to “It’s good news week!!”

  • Michael says:

    Thanks for the update Stephen. When is “shock jock” Robert back.

  • Melanie says:

    I find this inspiring and it gives us great confidence Steve.
    Good luck for the remainder of the season to the Mosman under 12’s they sound like a group of superstars!!!
    Melanie

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