Taxes Taxes Taxes

Taxes Taxes Taxes

Some were calling it extra terrestrial… Others thought it might be due to the new look Richardson & Wrench property booklet… Some even suggested that it was caused by people wanting to help the Government coffers with Stamp Duty contributions and further assist Bob’s ‘blue gropers’! I personally had no idea what was happening! So I called for back up… then later for oxygen! The amount of people at last week’s Open for Inspections was amazing! When you have around 700 people turn up for your first two open for inspections, the memories of the 1988 bull market start to spring to mind. Real estate is all about embracing change. The market moves in mysterious ways and the present conundrum has inspired many to keep a close eye on the up coming auction events.

The market is offering some very attractive property at the moment, so it is not unusual for the buyers to become emotionally involved in the buying process. This in all probability delivers bullish prices because in simple terms, demand is far exceeding supply. This could change quicker than a well known agent’s back flip on a property price estimate! We are about to release another $15,000,000 to the market over the next week or so, so put the valium away, sanity will prevail!! Yes, the April “First 8” auction is about to launch, and this time we will be submitting nine properties on April 9! The reason why we have one more than eight… you must remember that all eights have a coxswain… got ya!! And on it goes, the May 7 list is already half full, so there is good news on the horizon, for some of us anyway.

I am pretty sure that those who lack integrity (that is the principal requirement of doing business in our industry) will raise their ugly heads again. The market is in a bit of a frenzy and yet again, we see first hand these ‘bleeps and bloopers’ coming back. Yes, I am pretty sure that the ‘underquote/overquote’ will become a problem for the market once again this year. Whist Bob was quick to act on his beloved ‘blue gropers’, the cries from within the industry for the much awaited legislation introduction appears to be looking somewhat anaemic! A property market like the current one draws on the experience of the agent. You can’t, as an agent, read a book on being streetwise. Whilst many of the ‘new kids on the block’ will do their fair share of huffing and puffing, there will be some vendor casualties with regard to price expectations, and there will be plenty of property selling for a lower price than the pre-auction bid. Unfortunately, this is nothing new. One thing the 2002 property market has, is a record number of inexperienced agents not displaying ‘P Plates’! We play with very large amounts of money as agents and wisdom and experience should be our essential attributes.

This Saturday will see the official launch of the ‘ButtsOut’ anti-littering campaign at Balmoral Beach! For those who want more information about the campaign, have a look at this website. Steve and I will be there to hand over the sponsorship cheque and we could not be happier. It all starts at 1.30pm at the Rotunda, Balmoral Beach. It is a great campaign and we jumped at the opportunity to put something this important back into the community.

The top end is moving along very nicely. 13 Carrington Avenue, Mosman sold for $2,600,000 and 1 Illawarra Street Mosman which made the briefest ‘stage entry and exit’, sold it in just a few hours for $3,350,000! More happy announcements are only editions away. I must admit that my ribs are still a little sore when last Sunday, I read a report on the real estate market for all of the suburbs of Sydney. Apparently it is predicted that Mosman will have an upwards trend in houses of 11-15%, and in home units of 10-14%. There was very little substance to this prediction, it was nothing more than a ‘pin the tail on the donkey’ theory. Some might argue that it is a ‘heads or tails’ market. We are not sure at this early stage of the year, but we have some very new shiny front door keys! Watch your inbox… ^_^

P.S. Late Breaking News… Last night we smashed a new highest price record!!! I’ll tell you about that next week! Well Done Stephen Patrick.

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