START WITH SORRY – IT’S OVER TO MORRIE !!

START WITH SORRY – IT’S OVER TO MORRIE !!

Bobby ‘Dazzler’ makes his stage exit from the ‘State of Decay’ and says “thanks for the memories”, content with his Guiness Book of Records’ nomination for collecting the largest amount of taxes during his reign. Now a further nomination for the ‘Houdini Award’ given that the ‘State of Decay’ is now looking at a few years of budget deficits (meaning that the status quo of everything broken will remain consistent). Enter Morrie (‘I’m sorry’) our new Premier, who immediately abolishes the hated vendor tax and in the process, out goes Andy ‘Re-assure me’ and Craig, ‘I’m off to have a beer with Duncan’ Knowles. Morrie ‘I’m sorry’ has also decided to become Treasurer too. The ‘Fudgeit’ 2006 gets more interesting as each day goes by. ‘Agent’ Scully appears to be in between gigs, however he still keeps his handcuffs and siren with the police portfolio. Quote of the week goes to Bobby ‘Dazzler’ who said, ” I think it’s an awesome thing in a democracy that there’s a peaceful change of government.” No doubt Morrie ‘I’m sorry’, will now be focussing heavily on the $3 billion in GST that Canberra has up its sleeve.

Whilst the news of the axing of the vendor tax is great news for the property market, we don’t expect to see investors running back to the property markets in droves. Content with the high performing share market, the property market is not offering any bargains and any acquisitions would be for the long term only. We did put a ‘buy’ recommendation on apartments some weeks ago, however at this point in time it appears to have fallen on deaf ears. Further good news was the announcement from the ‘Governor of Moolah’ that interest rates remained at 5.50 per cent, and they will still be at 5.50 per cent when you sit down for Christmas lunch.

The most interesting point will be if the strong market in Spring runs through to Christmas (and we are predicting a strong market). Following the forced Winter lay-off, prospective purchasers are somewhat toey at the moment and anxious to secure a home given the positive announcements that the markets keep receiving. With the average price for a home in Mosman sitting currently at $1,915,000, it will break the $2,000,000 barrier before the end of the year. Just as interesting is that the current figure of $1,915,000 has shown zero gain for the twelve months to 1 July 2005. Apartments in Mosman have an average price of $592,000 and again, zero gains over the last twelve months which identifies a stable and responsive market place.

In July, we rotate the staff and give the sales team a well earned rest. Even so, we still managed twelve exchanges with a value of $24,855,000. An even split with the Housing Division and Apartment Division sharing the honors at six exchanges each. This was our best July in years which explains our positive spin on the upcoming Spring market. Internet/subscriber sales from ‘Virtual Realty News’ stand at 190 sales to a value of $340,112,000 and we have not ruled out cracking the $400,000,000 before our Christmas party. It is interesting to note that many agencies have now moved their business into the electronic era over Winter as they now recognise that our business model is the future, if they are to exist. It only took them five years to acknowledge technology !!

Over the next few weeks we will be launching some great properties, together with some new technology. So from our perspective, we are in exciting times. Thanks to Geoff Grist for filling in while I was relaxing on Bo Phut Beach, Koh Samui which is the most amazing destination (have a look at this place www.anantara.com). Whilst Bobby ‘Dazzler’ and Andy ‘Re- Assure me’ have now been retired from the weekly editions of ‘Virtual Realty News’ I am quite sure that Morrie ‘I’m sorry’ and his new team will give us plenty of enjoyment as Australia’s very own version of ‘Yes Minister’ goes into full swing. As for Bobby ‘Dazzler’, your greatest achievement whilst on the throne would have to be saving and protecting the gropers on Clovelly Beach, from those spear fishing enthusiasts. Plenty will argue that your legacy has left the ‘State of Decay’ – hook line and sinker !! Cheers ^__^

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