With the perfume of rosemary still in the air after the Anzac Day commemorations, it was bids at twenty paces at the ‘Battle of Georges Heights’ this week. With the selling agents describing it as “Mosman’s most anticipated Land Release, Markham Close”, once the housing of Army personnel was now being offered to the property market. Many differing opinions on the strength of the property market and how it performs under the current market conditions were bandied about; the locals being pessimistic and the non “Mosmanites”, very optimistic. The battlefield was at full capacity on auction day as all watched with interest as the first submission, No. 2 Markham Close was offered. The auctioneer asked for an “opening start or bid”. One of the local faithful screamed out “$700,000”; this was flatly rejected. A vendor bid was exercised at $1,200,000 and twenty-seven bids later the hammer dropped at $1,635,000, having been announced on the market at $1,450,000. The four properties on Middle Head Road sold for $1,375,000, $1,300,000, $1,311,000 and $1,342,000. All exceeded the reserve price, and the individual bidding battles were fast and furious. The three remaining blocks on Markham Close, all exceeded expectations, selling for $1,730,000, $1,750,000 with number eight fetching the highest price of $1,980,000. The ‘Battle of Georges Heights’ has certainly put a positive spin on the local property market and the sales results for next month will be monitored with great interest, as you will see from our property menu in this week’s edition. We have a smorgasbord of property in the offering. We are starting to see a buyers’ ‘ring of confidence’ emerging in the marketplace; in a word we are very optimistic about the next selling window from May to June 30.

The “Governor of Moolah”, is busy deciding what colour “bag of fruit” he will wear at the Reserve Bank’s monthly get together next week, to discuss amongst other things, interest rates. It’s a safe bet he won’t be wearing black! No doubt the Head Teller from the ‘Bank of Moolah’ will be mindful of the latest inflation figures which will all but guarantee that they remain at the current rate. It is more than obvious that property prices have climbed the mountain that has never been climbed before. What remains to be seen is which suburbs remain at the summit. Even though the International Monetary Fund announced in the IMF’s World Economic Report that the housing boom in Australia still threatens our economy, it is becoming increasingly obvious that our currency (that being the Mosman$) still continues to trade well, and is still accepted all over the planet. Across the board, all would agree that the property markets have slowed significantly, but our market is not seeing values drop. We are however, seeing a decrease in the volume of property available. If you have a peek at this week’s edition of The Mosman Daily, the pickings are very slim indeed given that all the disruptions of April are now well and truly behind us. For many agents and agencies, next week’s edition will be “make or break” for them if they have no properties to offer. The culling process has well and truly begun, with the market property pie fast becoming a party pie !!

With the ‘Battle of Georges Heights’ over and many left licking their bidding battle wounds, all that was missing at the public auction was the background music of Tchaikovsky’s 1812 Overture. What remains to be seen is what impact these results will have on the property market. We believe it’s just what the doctor ordered; all our market needed was a positive spin. Many are still trying to talk the market down, but if God’s intention was for us to talk more than we hear, he would have given us two mouths and one ear !! Cheers and clink ^__^

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