State of the market

State of the market

The state of the market has never looked better, and the October sales will once again prove that the only people who actually know what they are talking about are the participants themselves. With stock levels doubling over the last few weeks, it is now up to the waiting lists to absorb the new properties, which once again will send out a resounding message to the property sceptics. An interesting trend at the moment is that the Eastern Suburbs’ buyers are casting more than an interested eye on our Balmoral properties, and the top-end of the market continues to deliver conclusive market results.

A home in Hopetoun Avenue, reputedly sold for a respectable $6,385,000 this week, and historic ‘Harston House’ sold well ahead of the scheduled auction for apparently, $7,600,000. For the Mosman market to remain robust this is the end of the market that must lead the way and continue to deliver the desired market stimulation. The responsibility for the continuance of this pattern remains solely in the hands of just a few agents. Purchaser enquiry levels are more than encouraging, and our Internet visitors are well on the way to eclipsing our all time record number for a calendar month. Thank goodness this month has thirty one days!

The vast majority of the properties on offer must sell this month to ensure there is a November market. If the October properties fail to sell, they will then become the November market. The new properties will in all probability decide to wait for the New Year, to allow the property market to re-gain composure after the annual Christmas hiatus of rest and relaxation. The current market is without a doubt, one of the most exciting that we have encountered for quite some time. It is challenging to say the least and once again we have very little doubt that it will be rewarding for those participating in the modern-day game of changing houses. We will be adding another $25 million dollars of property to our comprehensive menu of homes to satisfy the insatiable appetites of our buyers, over the next fortnight, and these homes, together with those currently on offer, are some of the best offerings that our property market has seen in years.

As I said to one vendor this week, we have around twenty great homes on the market at the moment, so really, all we need to do is identify the twenty buyers, which really is no big deal. The market is consistent with previous markets, and it could be said that some areas are at an all time high. Some of the top-end homes are an indulgence, which explains why they attract such interest. Having said that, if you paid capital gains tax on the principal place of residence, the market would not be what it is today. It is that simple!!

Each week, millions of people fill out Lotto tickets in the hope that their luck will change. The same could be said with our property market, as each week the property players are doing exactly the same, the only difference being that with property, the players are all winners, and some have pocketed millions of tax free dollars. From humble beginnings to handsome households, they know all too well that the odds are stacked in their favour and our market is a long, long way from being finished.

Already we have early action with some of the homes on offer so watch this space for some fantastic results. At this time of year, buyers have one simple request, they want to take up residence before Christmas. Yep, it is nearly that time again, time flies when you are having fun… cheers and clink ^__^

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