Prosperous property year

Prosperous property year

All in all, another prosperous property year with the market finishing in a holding pattern, and ever so slowly coming to a grinding halt. Whilst the market did trade well, I don’t believe that it matched the heights of 2001, certainly not at the top end anyway, although for the very first time the property market recorded three $20 million plus sales, which is a first. ‘Altona’, was numero uno with $28 million, ‘Boomerang’ next $20.70 then ‘Finesterre’ at $20 million, smashed the Northern Beaches’ records. The highest sale in Mosman was a Hopetoun Avenue waterfront, which sold for $9.4 million, so the all time record of $15.5 million still remains in our keeping.

In 2002, our market peaked in March/April so congratulations to those who picked that market. For the second year in succession our spring/summer market was dominated by terrorism. Emotionally these events place enormous strains on the property market. On top of that, certain sections of the media have blown the market out of all proportion, even to the extent where the reputable journalists are left mystified at some of the commentary that we read during the course of the year. In nearly every instance the information reported was inaccurate (to be polite), and nothing more than an unprovoked beat-up.

The business sector slowed down significantly enough to see many of the players withdraw from the market during the course of the year. Together with two interest rate hikes, this was enough to remove the zip from our market. Not to mention the agents who completely lost the plot, and applied values that the market simply could not sustain. The real estate industry is changing, and in some instances I still remain unsure if it is for the better. We are seeing that the younger generation is no longer interested in a real estate career, and this can probably be attributed to property values today being so high. Vendors are simply not prepared to place the responsibility of their prized asset in the hands of a rising new star. This is evident across the market.

It could also be said that the major franchisors have lost touch with the market. I would argue that many would have difficulty running a tap! This is clearly evident in their ignorance of the Internet. I remain amazed at the number of prospective purchasers who are scathing about their sites. The same could be said for some of the real estate portals, that still believe site navigation to be a nautical theme, which probably explains why most still fail to post a profit. Having said that, we will launch our new Internet site for our next edition in January, and I love the new look!! We have also spent the last six months developing our own software programmes which when launched, will keep at the forefront of our industry.

One thing that the Internet does require once you become a player, is a willingness to invest plenty of money in the overall development. I will say that once you work it out the benefits far out weigh the negatives. The secret is simply just not to give up!!

Well that is us for now. Thanks everyone for your interest during the course of the year. Our next edition will be in the new format on January 24 2003. Have a very merry Christmas and a safe and healthy New Year. I am off to read a book on Ngapali Beach. Ho Ho Ho… cheers and clink ^__^

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