NO TIME BETTER THAN THE PRESENT!

NO TIME BETTER THAN THE PRESENT!

If ever a vendor was to take the opportunity to sell in a bull-market, now is the time. With the full time whistle about to be blown on Iraq, it is now back to business. Thanks to the merging of Easter and Anzac Day, the April property market was all but a month of umbrella exercise, combined with rest and relaxation. We did however manage to reach a milestone when we recorded our 91st Internet sale to reach $151,994,500 in subscriber sales, and we have another $4,000,000 in the pipeline.

Perhaps the second greatest boo boo for 2003 after a share purchase recommendation of Pan Pharmaceutical, would be that the property market would collapse. Such mind-sets have once again been likened to April Fools Day, with the average sale price for a Mosman home now at $1,785,349 as at March 2003. I did predict a little while ago that this average will climb to $2,000,000 by the end of this year and I still stand by that. March was a record month for quite a few real estate agencies. It appears that many in the industry benefitted with the Reserve Bank of Australia releasing the latest figures. Once again housing borrowing increased in March by 1.6 per cent, with credit for housing reaching 21 per cent in the year to March. This is the highest rate in eight years. With the investors storming back into property, their borrowings now account for thirty per cent of the total in housing loans. This statistic is almost double what it was ten years ago.

This week we released some sensational properties to the market, now you can watch quite a few all time street records get smashed in the sales process! Listed for our First Eight auctions for May 27 are: 27 Cowles Road, 7 Hunter Road, 39 Killarney Street, 11 Wolger Road, 21 Ida Avenue and 48 Killarney Street. One interesting point that always comes up in a strong market is that of selling prior to auction. Is this the best method? One thing we do hear of a fair bit, is agents exchanging prior to auction and many interested parties not being offered the opportunity to participate in the pre-auction negotiations. Some sell prior because they have more properties coming up, and they need to make times available to fit the new properties in, so they don’t miss out. This could be construed as not exactly acting in the vendor’s best interests, however this is camouflaged pretty well. It will only be a matter of time before more get caught out. What we have done in the past, is to bring the auction forward, that way all the parties are extended every opportunity to participate on a level playing field. I believe that we should be seeing more of this in strong market conditions, however in most cases with real estate, circumstances do change.

It will be all eyes on the market indicators, to monitor just exactly how strong the current market is and we anticipate Internet page views to climb to record levels. The numbers at open for inspections are another great indicator and we believe that some properties will attract more than one hundred couples at each open over the coming weeks. Such numbers are a great test of resources as this is the perfect opportunity to work and maximise our database, which allows us to further build on our subscriber base and improve our client care side of the business. In markets like this we send out thousands of emails each week, working the database, which would explain why we have made so many Internet sales.

Without a doubt, all the dynamics of a strong property market are before us, and many will be watching with interest what happens over the coming weeks. It would appear that due to the recent extenuating circumstances, the winter trading market could very well surpass those previous, in terms of property turnover. With property volumes in April falling across the board by ninety per cent, watch the market strike back in May, see you at the opens !! Cheers and clink ^__^

Leave a Reply

Your email address will not be published. Required fields are marked *