‘WHAT’S MY PROPERTY WORTH?’ THAT’S A MILLION DOLLAR QUESTION!

‘WHAT’S MY PROPERTY WORTH?’ THAT’S A MILLION DOLLAR QUESTION!

Whilst Robert is relaxing in Bali and annoying the locals with talk of real estate in his beloved Mosman-Neutral Bay area, I will be the resident journalist at RWM. I hope you enjoy my column until he is back.

Home owners shouldn’t be too worried about the paper value of their home, after all most people live in a house on average for eight years and as long as you are living in your home, you can’t realise any profit you might have made.

At the same time, if you buy a home today, there’s a better than even chance that your property will be worth more in eight year’s time. That’s the simple logic that is keeping our office busy with plenty of new listings and plenty of buyers putting their hands in their pockets to buy good properties at a fair market price.

Let’s be realistic, if you bought your current home just a couple of years ago, you have benefited from the heady price rises we all now take for granted. There is no doubt that the overall market has changed, but it’s business as usual here at RWM.

Listen to this……….
It doesn’t happen every day but a case in point is 6 Prior Avenue Cremorne. The property was listed with us on Wednesday last week. We sent out an email alert to our VRN subscribers and placed an advertisement in the Sydney Morning Herald for an Open House on Saturday morning. Two genuine buyers immediately emerged and the property was exchanged two days ago, before the Mosman Daily even hit the streets. Both the buyer and the vendor are VRN subscribers, which is a great example of how (as they say in the TV ads), …it pays to belong.

Whilst we know that every property is different and the market changes all the time, nothing will alter the fact that people buy and sell property regardless of what the media tells them. We all know the reporting methods for the data are so much in conflict with one another, that they can’t be taken seriously. There are at least four different reporting indicators confounded by issues of poor timing, the type and mix of housing included or excluded (houses comes in all different shapes and sizes and locations) and importantly, the quality of the actual properties on offer. Those TV renovation shows really do have a lot to answer for!

The next question that will be asked, is what effect will the election have on real estate? Our experience over the past thirty years, has shown that many people sit on the fence until the election is over. This will lessen the competition from buyers in the market, and also restrict stock. So the balance is usually even. What normally happens is that those who buy now and before an election, do better than the fence-sitters who procrastinate and are overly cautious!

Our tip……….
If the property is right, buy it! More than likely you’ll be there for more than eight to ten years and you can’t go wrong anyway. And remember, “Fortune Favours the Bold!” Make the most of a good opportunity.

Regardless of what the media reports, we prefer to listen to our buyers and sellers on a daily basis and get on with the business of real estate rather than worry about a “bad news” headline that is written to sell papers. That’s it from me, I have to go and spend some quality time with my kids watching The Block!

Leave a Reply

Your email address will not be published. Required fields are marked *