A change in the wind

[see_change]

From: See Change


Today , for the first time in many months I had an unusual think happen. Not once but twice.

I had an agent ring to tell be about a house that was about to be listed !! AND arrange a time for me to view it.

Over the last few months I have talked to many agents and they have only been interested in telling me the times of the "open houses" when I can come and see houses.

I haven't changed my spiel so the agents know a lot less about my situation than some of the chat room "members"

When asked the agents deny categorically that there has been any softening of the market but do ACTIONS SPEAK LOUDER THAN WORDS?

I was also interested to note the "billboards" advertising "the Australian" yesterday stated "DON'T BUY NOW" (in relation to houses). For me this has been the only positive indicator for the Property market in recent weeks (outside interest rates) as the newspapers invariably get it wrong !!!

As far as interest rates go , if someone were to make their decision to buy on whether the current rates drop .25 - .5 of a percent they have rocks in their heads.

Food for thought see change

 

[Michael Croft]

Reply: 1
From: Michael Croft


Perhaps you are becoming "known" around the traps. I get calls on pre listings whatever the market conditions because I'm a known player.

Just a thought.

 

[see_change]

Reply: 1.1
From: See Change


I'd thought of that Michael , but these were agents who I hadn't seen or talked to before. I'd rung about about particular houses and then asked if they had anything else coming on. ( this is looking for house to live, not IP's )

I tend not to say much at all to agents about my reasons for looking at houses except what I want as far as accommodation and price range. There are some who I know well but they NEVER ring me up !!!

I've got a way to go before they consider me a player !

see change

 

[WebBoard]

Reply: 1.1.1
From: Robert Longmore


I have noticed this as well, and i am not a known player, i recieved a call from an agent i have only visited once approx 2 weeks ago, while i was driving home, to tell me of an apartment in Kings Cross that was due to be listed the next day.

 

[WebBoard]

Reply: 1.1.1.1
From: Sergey Golovin


We have got North Shore Times Real Estate magazine today and on the first page it sais - Hot property. Interest rate cut fuels boom...
And magazine gets thicker and thicker, more and more properties are available for sale.

Serge.

 

[see_change]

Reply: 1.1.1.1.1
From: See Change


Serge

Just browsing through North Shore Times as well.

Lots of advertising , paid for by real estate agents.

I wonder which side the paper thinks their bread is butter? As far as I'm concerned the more adds the better.

See change

 

[WebBoard]

Reply: 1.1.1.1.1.1
From: Sergey Golovin


Yes See Change,

This is exactly what I'm saying - the more the better.

Just few month back it was hardly any ads on the papers simply because almost everything was sold before it was even printed in the papers.

It does get better & better, more to choose from. Which is good.

Serge.

 

[see_change]

Reply: 1.1.1.1.1.1.1
From: See Change


For the last three weeks I have calculated auction clearance rates for sydney based on the data in the sunday paper. The previous two weeks have had clearance rates of around 70%. This week the clearance rate dropped to 64 %

see change

 

[GoAnna!]

Reply: 1.1.1.1.1.1.1.1
From: GoAnna !


The Melbourne clearance rates over the past few weeks (ignoring the Grand final weekend)
in chronological order were 85% 81% 78% and yesterday 75%.

In the area and properties I have been following it appears that property prices have fallen by 10% over the past 3 weeks.

GoAnna !
"The real measure of your wealth is how much you'd be worth if you lost all your money."

 

[Michael Croft]

Reply: 1.1.1.1.1.1.1.1.1
From: Michael Croft


Hi Sea Change,

This might work in my favour! Does anyone know the clearance rates for upmarket stuff in Bronte?

I am planning to buy half a duplex in Bronte, agents estimate over a mil for the unit, my guess is it's worth around $900k. OK so I said I'm not in the market right now, but we own the other half of the duplex and the other owner is insisting on going to auction this month.

Both halves of the duplex will benefit from a reno/extension, they are livable but have 80s renos. We plan to spend approx $200k and push our values from $750k to $1m and the other from $900k/1m to $1.25m. So add about $500k for a $200k outlay. Should make for some stunning before and after shots too.

The only reason we can do this in this market is because as an integrated development the whole will be worth more than the sum of the parts.

So back to the clearance rates, any ideas? Anyone in this market or area?

regards, Michael Croft

 

[michaelg]

Reply: 1.1.1.1.1.1.1.1.1.1
From: Michael G


Michael,

Would you turn it into one large home? would that increase the value? Just curious to hear a renovator's point of view.

Michael G.

 

[Michael Croft]

Reply: 1.1.1.1.1.1.1.1.1.1.1
From: Michael Croft


Hi Michael,

No they are both 4 bedders as it is. Will just add another floor/level and do some internal rearranging to both, then they will get spectacular views of the beach. Have spoken to council already and they don't foresee any problems.

They will also look a lot better in the same colours etc.

The extra floor is $$ in this reno other wise a lot less than 80k would do.

regards, Michael Croft

 

[see_change]

Reply: 1.1.1.1.1.1.1.1.1.1.1.1
From: See Change


michael , three bronte residences in paper 672 , and two at 2,350 . All sold

See change

 

[see_change]

Reply: 1.1.1.1.1.1.1.1.1.1.1.1.1
From: See Change


Today an even MORE unusual thing happened!!

An agent admitted that the market had now come off the boil and prices in my area of interest were now about 5 % off what they were about two months ago !

My area of interest is upper north shore sydney ( pymble to wahroonga , up market ) so it is the type of area that will drop more when prices come off.

see change