NICHE IS NICE

NICHE IS NICE

Statistics always make great reading and as we all know, can be used to support almost any line of argument, particularly broad Australia-wide statistics which continue to return grim findings in the residential sales market.

On the other hand as Robert mentioned last week, our local market from bridge to bridge is niche market driven and the statistics that reflect the entire market in general terms are not a true reflection of our many and varied local niche markets.

You only have to talk to buyers as we do, to know how specific these niche markets are. For instance, a buyer told me this week that she only wants to purchase “south side of Military Road, within a level walk to the Mosman Village shops with Balmoral water views”. Another told me that he only wants to buy “Beauty Point with a minimum land size of 750sqm”. Fortunately, our managed database allows us to work with buyers to identify suitable properties in their niche buying area. This is a contributing factor as to why we have sold over $130 million of property so far this year.

Further evidence of our niche market behaviour not falling into line with general Sydney wide statistical data, is our sale of a top end property in Iluka Road Clifton Gardens. Richard Simeon sold it near the top of the market in 2003 and again resold this month within $25,000 of the 2003 sale price. Evidence that quality properties are holding their own in our niche markets.

Our office has recorded a $3 million + sale every nine business days since January and this has contributed to our overall office growth of 40% in the past 12 months. Importantly, our commitment to technology has allowed us to set ourselves apart by best understanding our own changing market, not accepting an overall market decline which is media driven. The writing is still on the wall. Lead, follow or get out of the way!

Now that school holidays are over, we have already experienced an increase in requests for market appraisals as our niche market begins to gear up for the busiest selling season of the year in the lead up to Summer. Buyers have complained about a lack of properties on the market over past weeks however while we have several new listings scheduled for August/September release, we believe that demand will continue to outstrip supply for the rest of the year. This means that buyers with their finance in place who are actively negotiating, will be buying well, while the rest will simply be spectators.

In our quest for the continuing use of good technology (and “the paperless” office ) we have discovered ‘stickies’ – the electronic version of the Post It note, and we love them. If your LCD screen is ever covered in little pieces of yellow paper then you might like to try ‘stickies’ too. http://www.zhornsoftware.co.uk/stickies/

While Robert will always win on word count statistics, I will leave it there until next week and I hope to see you at one of our open homes in the meantime, Geoff

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