WHICH BANK? THE PROPERTY BANK, WHERE THE HOUSE RULES!

WHICH BANK? THE PROPERTY BANK, WHERE THE HOUSE RULES!

Which word best describes the present real estate market? Look no further than confusing. With many scratching their heads as they try to understand just exactly what is going on, I don’t believe anyone could identify a plausible explanation. For us, the quarter went from dark and gloomy, in January and February to a scintillating March, where we posted our all time record month of just over $40,000,000 in property sales. We were also one of just a handful of agencies that posted a successful quarter, even though we had a record number of sick days last month, courtesy of the flu. Our database misses nothing! So this makes it an even greater effort as we lost many days from illness, yet still managed to eclipse our all time record. A huge thanks to our special team here @ RWM.

So long as the property market has passion, it will always have performance. What is interesting however, is that the market has changed direction in how it performs. At the commencement of the quarter we had posted $135,193,500 in sales through subscribers at RWM, and we finished the quarter on $148,174,500. We thank the Internet for $12,981,000 in sales for that quarter. Next week, if everything goes according to plan, we will have passed another milestone with $154,299,500 in property sales, which, if you average this figure out since we first launched, is $4,977,403.22 per month in sales. Given that I am not aware of any other single agency that collects this data, we are coming first in the real estate industry. As they say, “the secret of success is to start from scratch, and keep on scratching”!!

Given that Australia has one of the highest rates of ownership in the entire world, the rise and rise of property is self-explanatory. Many will argue that it is the bank of the future given the enormous focus on our industry. Even those miserable politicians recognized a windfall when Bob ‘the builder’ Carr, introduced his Premium Property Tax, which he promptly followed up with his even more contentious Land Tax Assessments. Whilst many are still eagerly awaiting the Government’s legal opinions to the recent rulings which determined that the applications applied to land tax, and the method used to derive such valuation, was defective and unduly selective. Mr Carr has promised to get back to us. I just hope that his legal advisers are not charging by the hour. Given that he is now wearing his “Casey Jones” cap, we are waiting in anticipation for his train to depart from “Petticoat Junction”.

With the average price for Mosman for the twelve months to 28 February 2003 still sitting on $1,725,066, all eyes will be on the soon to be released March figures, which in all probability will see this figure climb to greater heights considering the recent top-end sales. One can anticipate that reporting will reach a crescendo as the market continues to experience strong price growth. It certainly makes more sense to put your money into a home than in the bank. With greater education and sales evidence, the ‘house rules’, as Australia’s all-time greatest commodity. Whilst some may express concerns with the manner in which the younger generation play the market, they are working with a better knowledge of the market, as data is available more freely. Also they are using these resources via the Internet to save money with improvements and ideas. The property industry is the largest employer in the country and that’s why it’s played by so many Australians. This is further explained when you see that the Sydney market has always been so closely monitored with analysis of data. Today all the major cities come under the microscope of database accumulation of information.

With the excellent information supplied by the property portals, investors can work from home and research from Sydney, say a five to ten km radius from Melbourne, Adelaide or Brisbane for that matter, and look at available properties that fall within their criteria. Here we take ‘Virtual Realty News’ courtesy of our subscribers to forty-two different countries each week, and many of our overseas subscribers have acquired property from RWM. So even though, many people assume that things are quiet, much depends on where you are looking. For us, it is becoming abundantly clear that the Internet ‘wheels of motion’ are coasting along very nicely.

I was advised this week that a leading Northern Beaches agent had been given an ultimatum that if he wants to host his own website, he could no longer be part of the franchise. Well, I wrote last week that this would happen. There is living proof of how successful this is, and such a decision only proves beyond a shadow of a doubt that some of the decision makers in our industry are still living in a completely different industry. We all know where our money is, shame it can’t be said for the silent majority. We are not worried about the future as we have prepared for it, cheers and clink… ^__^

Leave a Reply

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