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The only problem with writing a weekly blog in the present environment is finding a place to start, because of the constant bungling at both Fort Crumble (NSW Government) and Fort Fumble (Federal Government).

Let’s start with our consistently high performing Fort Crumble where dumping the Metro cost $500 million according to Premier Pristine (Kristina Keneally) “The CBD Metro was a nearly $5 billion project we wanted to be sure as a government it represented value for money.” So we have a $200 million compensation plan from builder Lend Lease and another $300 million had already been spent on the doomed rail wreck. Fort Crumble’s greatest tax payer debacle?

Premier Pristine had her defining plumage ruffled further when she was advised Rudd wants $80 million back as metro bill grows so the train wreck bill has apparently now climbed to $5.3 billion. The Infrastructure Australia money was among dozens of grants shelled out to projects across Australia. The submission by NSW was considered the worst of any of the states. Consequently, only money for scoping studies was handed out. A $5.3 billion tax payer Yes Minister – no brainer!

The Emperor (Kevin Rudd) then took time out from his Doctorate of Medicine studies and if his radical diagnosis proceeds, based on his elective political surgery for our ailing health systems, our States and Territories will need a second opinion. Reductions in Government Spending Tax (GST) appear to be thwarting The Emperor’s prognosis and the diagnosis is a referendum for Dr. Krudd. A bummer for The Emperor as his economic mind sadly lacks the “Midas Touch”.

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What a brilliant capture this is. It appears that everything in Australia is climbing. We asked Tim Mooney to make sure that everything was colour coordinated so he had to wait for an aqua car. Each and every business faces a climb back from the GFC and how appropriate is this picture. We have had a number of subscribers contacting us to purchase photos (see our Buy Print above).

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Big Bazza O’Barrell launched his election slogan for next year’s NSW election One year out, O’Farrell picks election slogan “Make NSW Number 1 Again”. Fixing NSW’s economy is the management challenge of our time, wrote Jeff Kennett NSW should look south of the border for the way forward. Jeff Kennett said “I have been asked what I think is necessary and essential for NSW to start rebuilding. It is simple enough, in theory.”

“A new government must be elected, if for no other reason than to end – once and for all – the poisonous culture of self interest that exists among the majority who make up the current government.”

“The alternative government will, over the next 12 months complete (I assume they have well and truly started)– the work needed to immediately commence the reform programme, once in office.”

“This will require a once – in – a generation programme, similar to what we put in place over two terms in office in Victoria.”

A scathing review – “The cost of this entrenched period of failure to NSW and Australia has been monumental. Not only has NSW failed to keep abreast with the advances in thinking and technology, but all basic services that should be provided by government have deteriorated compared with those in other states.”

Charlie Aitken wrote in his Under the Southern Cross – “The political waters are clouded by secret agendas and the political landscape is generally a minefield of broken promises and policy failures. In addition, with a few exceptions, it often appears that the main aim of a politician is to gain re-election rather than pursue genuine political reform.”

The report identifies “Bad Policies” – so look at the failed Emissions Trading System, Pink Batts $2.400 billion debacle (which now requires another $200 million for stuff – up corrections) Fuel Watch and Grocery Watch, just to name a few. Throw in the now growing school halls bungled programme – which will gain greater momentum over time as Ray Hadley at 2GB keeps probing. Julia Gillard says schools building programme saved nation from recession and NSW scraps Hastings Public School project in back flip after critical audit of proposed COLA where a covered outdoor learning area would cost $954,000. A similar structure cost $78,000 back in 2003. Little wonder everything is blocked in the Senate. Government incompetence does resonate throughout the business community – which impacts economic sentiment, growth and confidence.

Bright economic outlook for Australia – Reserve Bank Assistant Governor Philip Lowe at the Reserve Bank of Australia (RBA) said underlying inflation had “moderated significantly” and was expected to decline from 3.25 per cent to 2.5 per cent during 2010. This means that interest rates will move back to normal levels so the 49 – year low of three per cent won’t (in our lifetime) be seen again. Get set for a bank gouging bonanza given Westpac chief warns of need to raise rates although GFC not over, says ANZ chief. Get set for a roller coaster ride in 2010.

Australia’s property bubble: it’s here” it’s official: 60 per cent of investors believe Australia has a property bubble. A confluence of housing shortages, low interest rates, speculative fervour and last year’s move by the Rudd Government to relax the rule of foreign ownership on real estate, has turbo – charged house prices.” I assume they are comparing the property markets to quarter 4 – 2008 although it should be noted that during the global financial crisis (GFC) it was speculated that half of Mosman houses were for sale (2,450) homes and it peaked at 195 homes. I did like this piece in the article “But as John Maynard Keynes famously said: “A market can stay irrational longer than you can stay solvent.” So true – the Mosman market is presently skittish and we are seeing a dramatic increase of foreign buyers moving into our markets.

I have absolutely no idea why The Emperor decided to make the Australian property markets international over local? “The increase in foreign purchasers cannot be underestimated. This abolished mandatory reporting of such acquisitions in a bid to “enhance flexibility in the market”. Absolute rubbish and bulls&%#!

Richardson & Wrench Mosman & Neutral Bay (RWM) are proud to offer “Glen Osmond” to the market place – C 1901 an iconic Mosman home set on a grand estate – “Glen Osmond“.

Is the lifting of foreign ownership a sound decision? We look forward to reading your thoughts on our blog. I tag the politicians so Media Monitors pass on to them, all the comments on our blog.

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Our Australian population hit 22,000,000 this week according to the Australian Bureau of Statistics (ABS) – so what does that do to this supposed bubble?

Cheers, ^__^

This week’s sales Mosman real estate, Beauty Point real estate, Clifton Gardens real estate, Balmoral real estate, Cremorne real estate, Cremorne Point real estate, Neutral Bay real estate, Cammeray real estate Click Here

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26.03.10Robert Simeon20 Comments »

So let’s clarify a few points from an insider’s perspective. Property data is in all probability, ages away from being conclusive (after the result) and why, today does it still remains a dog’s breakfast?

Collectively none of these data collection institutions get it – they spread it and sell misinformation that is simply incomplete and many months away from accuracy.

The dilemma is quite simple. The property aggregators sell the information gathered from the agent, then continue to charge agencies to access its data … which is actually, the intellectual property of the agent. Until they get it right there is a very strong argument as to why agents should cease providing such data.

There are no better examples of such anomalies, when this week, the Australian Bureau of Statistics (ABS) announced that house prices fell by minus 2.2 per cent in the March quarter 2009. Australian Property Monitors (Domain Property Data) reported that its research identified that house prices increased by 0.1 per cent in the March quarter 2009. Australian Property Monitors works from exchanged property information and it is no secret that in the current market condition, many vendors instruct agents that the sale price is confidential and not for publication.

Therefore, it can take months (depending on settlement terms) to collect an exacting position which I will identify with the data I have collected. For the record, RP Data – Rismark reported that house prices were up 0.1 per cent in the March quarter 2009. I remain unaware that we supply any data to RP Data – Rismark. I would also add that RWM receives no payment for supplying any property data.

Mosman House Sales – 1 January 2007 to 30 April 2007

• Total sales – 139
• Total value – $350,165,720
• Median price – $2,200,000
• Average price – $2,632,824
• Highest price – $10,200,000

Mosman House Sales – 1 January 2008 to 30 April 2008

• Total sales – 119
• Total value – $309,519,612
• Median price – $2,700,000
• Average price – $2,919,000
• Highest price – $8,500,000

Mosman House Sales – 1 January 2009 to 30 April 2009

• Total sales – 62
• Total value – $86,621,000
• Median price – $1,525,000
• Average price – $2,221,051
• Highest Price – $8,500,000

Source: Australian Property Monitors (Domain Property Data) owned by Fairfax Media

I would suggest that property voyeurs are much more interested in niche markets , for example, Mosman, as against “stew” markets where all the data ingredients are fed into the one murky pot.

As you would have noticed the Mosman House Sales – 1 January 2009 to 30 April 2009 look a tad sick when compared to 2008 and 2007. So when I add our confidential house sales to the data the Total Sales move up from 62 to 71, Total Value from $86,621,000 up to $126,026.000. For the record, RWM has sold the greatest volume in terms of number of sales and total value over this period. The Highest Price also changes where the first number starts with a one (in excess of $10,000,000). This additional $39,405,000 in house sales makes a noticeable change to the current figures. It’s just that now you are the first to know and the aggregators are left shaking their respective heads. This is further complicated by the fact that the vast majority of sales data provided today leaves out the sale price.

I had trouble containing my excitement this week when an old favourite, Bobby Dazzler Carr, made an unexpected appearance, spruiking further debate about the condition of his once beloved Fort Crumble. Obviously, his work time sheets must now be down after he moved from Fort Crumble over to the Millionaires Factory.

The audacity of the argument that the Dazzler was the architect (or should that be builder) whilst presiding over the State of Decay. Whilst stopping short of revealing just exactly where all those “rivers of gold”, disappeared to, on the back of the financial floods from GST, stamp duty and poker machines taxes proved to be of little consequence. It was the system, not, the government the Dazzler declared (to those that listened – not many I think).

Of course it was , how silly of us to assume anything else as Fort Crumble now stumbles down an estimated $2 billion budget deficit by June 30. Just as interesting, south of the border, Victoria’s Fort Fabulous is in surplus and offering tax cuts because Jeff Kennett did what our very own Dazzler couldn’t deliver, while Kennett financially and politically, renovated his Fortress.

Tensions between Ruddy Fantastic and the latest landlord over at Fort Crumble are not that good to say the least. Ruddy Fantastic is presently conducting a three day jobs summit in Western Sydney, and no members from Fort Crumble were asked to attend – another clue?

As quick as a flash, Fort Crumble jumped the land tax rate for property valued above $2.250 million from 1.6 per cent to 2 per cent. The irony is that these properties are already (after tax) in negative rental return, so the landlords then increase their negative gearing tax deductions, which Ruddy Fantastic then picks up.

Will negative gearing be abolished in next week’s Fudge-it?

One should also not forget, that Fort Crumble is reportedly crunching the numbers to introduce its latest annual land tax grab which apparently applies to every property owner within the State of Decay. If true, this would be political suicide – but then again, when you have a $2 billion budget deficit Fort Crumble is now in critical decision or, should that be condition? Ruddy Fantastic would be thankful he resides north of Fort Crumble’s moat.

Next week’s Federal “Fudge It “ will be riveting, more particularly if the budget deficit blows in (or should that read out) around $70 billion as quite a few are predicting.

With elected politicians in overdrive on their Twitter accounts all will be revealed on next week’s Tweet’s – if you are not on Twitter, you don’t know what you are missing out on. Have a look http://twitter.com/ Compelling viewing indeed – love Twitter.

We are very happy to announce that each week we will showcase one of Tim Mooney’s aerial masterpieces in Virtual Realty News. Tim has been a subscriber for many years. After prolonged negotiations – we now can bring you these amazing shots exclusively. Tim has actually spent more time in the air than Superman – if you click on this week’s aerial photograph you will be taken to Tim’s website.

Cheers and Tweet’s ^__^

For this week’s recorded Mosman real estate, Cremorne real estate, Neutral Bay real estate and Cammeray real estate sales http://www.rwm.com.au/news/

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8.05.09Robert Simeon7 Comments »

Let’s not sugarcoat the economy, we are under attack and we urgently need a plan. The NSW Government (Fort Tumble) has eroded and corroded and (Fort Fumble) the Federal Government is watering its already gilded lily. A strong possibility is that its gardens will quickly resemble a wilting economy after Fort Tumble delivered its pathetic mini budget.

A “Congestion Tax”! Our Premier Nathan Rees, who does not hold a drivers licence is now riding on a broken “dinky” and the wheels have all but fallen off. There is no congestion on the Harbour Bridge at 6.30 am, just a tax! By pulling up the economic drawbridge for infrastructure, Fort Tumble with its ‘tools down’ philosophy will destroy what is left of our economy. Infrastructure is the oxygen needed to resurrect it – building for the future of NSW is obviously no longer a priority at our Macquarie Street based Fort Tumble.

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14.11.08Robert Simeon7 Comments »