Great to see our ‘Governor of Moolah’ continuing to sing his modern day rendition of “My Way”!! It should be very obvious to most that he sees the economy in a totally different way to the minority, who keep making monumental mistakes on how the economy should be run. There is no denying that Australia’s domestic economy has well and truly out-performed our overseas counterparts, with the increase in housing wealth being one of the major contributors to our economic growth. It will be very interesting to see the September quarter 2003 figures to see if they are up from the June 2003 quarter, which was the seventh consecutive quarter where median house prices have risen in Sydney. As at 30 June 2003 the median house price is rising at a rate of 19.8 per cent. As I have stated in past editions, our September quarter was an all time record for sales, and it should also be stated the rental market is very strong also as we have leased twenty properties over the last ten days.

It is very interesting to note that with the school holidays now all but over the new run of properties to appear in The Mosman Daily this week is definitely light, as compared to this time last year. One must not forget that at this time last year the clearance rates were falling faster than the time it takes the Carr Government to introduce a new tax!! At the end of last year, clearance rates were sitting at around the 30 per cent mark, as compared to now which sees them still holding up around the 70 per cent mark. We are also entering six weeks of rugby mania with the World Cup 2003 blowing the final whistle on November 22, this will in all probability see the market slow a bit given that we are an area of ‘tweed jackets and leather patches’. We have never held a World Cup in rugby before so nobody can really say what effect this will have on our market as we have no definitive guide.

It is nice to see the Aussie $ climbing towards the US70 cents and once again who can forget those experts who were saying back in April 2001 that it would go lower when it slid to 0.4833. I think that many expats are kicking themselves today as many locals breathe a sigh of relief, that the tables are turning more to their direction. It should be noted that the expat market we believe represents less than five per cent of our overall market.

Back to Bob ‘glassjaw’ Carr who is at it again with the announcement that he is proposing (meaning that he will introduce) a Water Wealth Tax, and surprise surprise, Mosman is at the top of his list. The Carr Government, can be thankful that they are not a listed Public Company as ASIC would charge them for insolvent trading!! Whilst Mosman is in the top five water users, the point is that this government continues to discriminate against areas where they won’t lose votes. I guess they are still smarting over the Spit Bridge fiasco, where it was conclusively proved that “whilst the lights may be on, nobody is at home”… I guess California and NSW have much in common after all!!

Have a look at this week’s ‘House of the Week’. This could be the hottest property to hit the market in 2003. It is also featured in this week’s edition of Domain. Margie Blok of The Sydney Morning Herald did a fantastic feature article on “Reigate”. This really is a very special home.

Cheers and clink…^__^ Go the Wallabies!!

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