IT’S THE MONEY OR THE BUNNY!

IT’S THE MONEY OR THE BUNNY!

Believe it or not we have just thirty five days until Easter which means that the property market has just one more run so next week it will be “show and tell”. We will be launching eight new properties and it will be more than interesting to see what the other agencies can produce in what many consider to be a tight market in terms of volume. The one thing that we have observed this year, is that the property markets are more than ever ‘price sensitive’. If the agent and respective vendor(s) are out by five to ten per cent they won’t be placing a call to the removalist just yet. This would explain why the Sydney auction clearance rates keep heading south and it is abundantly clear that more than a few jumped to the wrong conclusions.

This week we sold 6A Wunda Road Mosman (prior to auction) $1,415,000, 33 Wonga Road Cremorne $3,925,000 (in conjunction with the lovely Yvonne Takis of Yvonne Takis Properties), 15 Ellalong Road Cremorne $1,637,500, 52/32 Carabella Street Kirribilli $455,000, 1/52A Musgrave Street Mosman $359,000 and 8/39 Stanton Road Mosman $465,000. These are strong prices, all things considered. Take 15 Ellalong Road Cremorne for example. It was initially purchased twelve months ago in February 2005 for $1,500,000 and sold in March 2006 for $1,637,000 with no further improvements to the home.

For those curious about what we have coming up next week, we will be offering, 19 Beauty Point Road Mosman, 3 Windward Avenue Balmoral, 3 Silex Road Clifton Gardens, 16 Wolseley Road Balmoral, 19 Rickard Avenue Mosman, 16 Brierley Street Mosman, 98 Muston Street Mosman and 15/99 Kurraba Road Neutral Bay. It will be very interesting next week, to gauge the strength of the Mosman market. We think that it will more likely be a case of famine rather than feast.

If you wanted to read all that has been written about interest rates and predictions of further increases since December 2003 you may be surprised to learn that since then we have had just two +0.25 increases. These days we tend to get verbal increases from the ‘Governor of Moolah’ as it is becoming clearer and clearer that he prefers to coach the economy. With just five months left in his reign as ‘head teller’ it will be more than interesting to see if he has one more jab left in him.

The most common theme in the property market in 2006 is that very little is happening other than sales and there is absolutely no controversy. This explains why very little is being written about the market, as it is simply bubbling along. Every so often we get an opportunity to measure the market and that will happen this week with the next release of properties. This happens in all the niche markets so it is the race to beat the bunny. As to which will be victorious, it is up to the market to show us the money. Watch with interest. Cheers ^__^

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