SOMETHING TO GOOGLE ABOUT !!!

SOMETHING TO GOOGLE ABOUT !!!

Many years ago I was told that you can gauge the strength of the property market in Mosman by counting the for sale boards on Spit Road then see how many have a ‘sold by’ on them. Well I did exactly that yesterday and I counted nine and seven had a ‘sold by’ sign on them. In the Mosman market there is one very noticeable change – that being the large number of properties now selling in week one and two of their respective marketing campaigns. This week we exchanged seven properties with a value of $10,366,000 which clearly identifies that the market is now – game on !! The prices ranged from $260,000 to $4,000,000. Leaving the market after brief stints are 10 Rickard Avenue, 26 Bradleys Head Road, 4/8 Silex Road, 12/23 McLeod Street, 1/26 Somerset Street, 14/180 Spit Road (no signboard) and 2/11 Macpherson Street. It is not just the sales team that is igniting the market, our rentals team posted a record week with $13,050.00 in letting fees. These properties ranged from a home at $3,250.00 per week to an apartment at $430.00 per week, with five of the properties exceeding $1,000.00 per week. We monitor where the parties come from and six came from the Internet (three from domain.com.au and the other three could not remember which portal). Two from advertisements in The Sydney Morning Herald, one from a relocator and the other, a ‘walk in’.

The battle for the advertising dollar goes on and Fairfax continues to be the most aggressive as they roll out new Domain brands. Last week they rolled out their Domain Inner West which now joins the successful launches of Domain North and Domain East which have seriously impacted the property markets. This week they launch Domain Rentals which will be strategically positioned in Saturday Domain. This is great news as previously, for some unknown reason, it has been hidden behind the Sport and Business sections. I have said for a long time now that the rental advertising market has long been ignored. This does not make any sense as that too, is a lucrative market also. The battle will be won by packaging up the advertising simply by offering a one-stop shop for the consumers. It is becoming increasingly obvious that there needs to be a combination of online and offline to consumers and at the moment Fairfax is the only one that can offer this.

This explains why News Ltd is actively pursuing realestate.com.au. They already own 43.7 per cent, so strategically they need to acquire the remaining 56.3 per cent to bolster their offline operation Cumberland Newspaper Group. Their current offer of $2.00 per share is set to expire on October 14. Realestate.com.au closed yesterday at $2.38, so it looks that News Ltd won’t be off buying extension cords in the very near future. Whilst on the property portals (like any business) they need reviewing as they are fast becoming too big with longer and longer navigation time. For domain.com.au and realestate.com.au the online inquiries are RWM – 60 per cent rentals, 30 per cent apartments and approx 10 per cent houses. The reason the rentals and apartments have greater traffic is because of the much younger age demographic. We speak to nearly everyone who inspects a property and monitor our online activity each week. Here are last week’s statistics Houses and apartments.

We hear that google.com.au is eyeing the Australian property market too, which makes plenty of sense because of its huge revenue. What more than a few vendors and purchasers told us recently is that when they find a property they then look it up on www.google.com.au as for them it is much quicker. It also gives a street history in sales. There really is plenty to do when running an e-business and it not just posting properties on websites. Another obsession I have is making sure that we too, catch the enquiries such as google which explains why we spend a fair bit of money on RWM keywords to optimise our site. If you look at a property that we are marketing and search it in google you will see that in the majority of cases we are the dominant Agency (try Rickard Avenue Mosman). It is all about capturing then closing every possible search engine enquiry which at the end of the day is simply offering our clients the best possible service.

The market is the strongest we have seen in quite some time, based on current sales evidence. How long will it last ? I will tell you in next weeks edition !! What we can tell you, is that we have signed up some great properties for the October run into Christmas. We have no idea what caused the renewed confidence in the markets as it is strange that both rentals and sales are a dominant force at the moment. As for those who said the market was weak, congratulations on being consistent !! Cheers ^__^

Leave a Reply

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