The property market has certainly changed in 2004 and this is exactly why it is called a “market”, because the conditions do change. The only problem is that a vast majority of agents are experiencing severe indigestion as they are being forced to eat their own words. Already this week we are seeing disastrous clearance rates with the auctions, the reality being that agent confidence is much sicker than the market itself. For the record, we have had a great week! We sold Bromley Avenue for $5,000,000 (highest price in Cremorne this year). A property quietly listed in Beauty Point went to an expat subscriber who resides in Singapore, another database sale. We sold an apartment in Bridlewood Gardens, we received the keys on Saturday , offer and acceptance at $810,000 on Monday, exchanged on Tuesday and settled on Thursday. It had been with another agent for two months! Somerset Street sold prior to auction for $2,450,000. Our two other auctions did not sell, so onwards and upwards we go. We are finding that with the majority of auctions those that are passed in, are selling within a few weeks, post auction. To get the desired result we are having to double the workload with each property. The only thing wrong with the current property market is that agents have to work harder and longer, the underlying problem being more mental than anything. It is testing the depths of convictions and the strength of an individual’s patience. The very thing that the current market identifies (which was camouflaged in previous markets), is who can really sell properties in a harder market ?

This week all our sales and support staff attended AREC 2004, which is an abbreviation of Australasian Real Estate Conference. It is run by John McGrath and his McGrath Total Real Estate Training team and in our opinion, it’s the best real estate conference in the Southern Hemisphere. This is where one learns from the best speakers, how to face a tough market, what needs urgent implementation and what practices need to be removed. How many Mosman agencies attended ? Just us, and two smaller agencies (not including McGrath agents). Agents in this market have to challenge themselves first, before they can take on the market !!

The figures are just out from Home Price Guide for the twelve months to April 30, 2004. The average price for a house in Mosman decreased from March to $1,954,402 a huge collapse of $157.00. Home units in Mosman also fell $2,660.00 for the month with the average unit price sitting on $578,888. The average price for a Neutral Bay home finished on $1,137,300 an increase of $44,511.00 (come in spinner). Home units finished up in Neutral Bay at $725,372 again a $4,658.00 increase in the month. The average for Cremorne houses fell $2,716.00 and finished up on $1,436,914, and apartments fell a staggering $95.00 to finish up at $579,698. For the Cammeray residents, the average price of your home increased $6,402.00 to finish at $1,105,431. It will be an absolutely riveting wait to see what the May figures reveal.

I am sure these figures will see a few agents reduce their daily doses of valium! All we as a business are concerned about, is seeing the constant movement of our property menu. As you can see, sales are being made and to be effective, “it really is a case of mind over matter”!! Cheers and clink ^__^

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