With the RBA cash rate now at 3.5% and falling there is no doubt that the Reserve Bank is in full stimulation mode. With the unemployment at 4.9% and the dollar dropping dramatically over the last 3 months to around 96 cents at it's lowest level. There is no doubt that stimulus is going to have to happen over the next 6 months in the economy so don't miss out in getting in at the bottom.
I suggest anyone that is looking at upgrading or wanting to buy an investment property that they act now before we start to see more competition coming into the market. And by the way we have already started to see that competition the last 3 months when we have been purchasing for clients.
These are some of the purchases we have made in recent weeks.
3/39 Morubin Rd, Balmoral- Asking over $2M, purchased $1,810,000 saving approx $240,000
16 Amourin St, North Manly- Asking $1M, purchased $960,000 saving $40,000
27 Woodlands Rd, Lindfield- Asking over $2M, purchased $1.9 saving approx $150,000
231 Sailors Bay Rd, Northbridge- Offers over $2.1M, purchased $2.1M saving approx $150,000
3 Baringa Rd, Northbridge- $1,850,000 client would have paid $1,900,000 saving $50,000
The Grove, Mosman- Asking $6.4M, purchased $5.7M, saving $700,000
17 Timaru Rd, Terrey Hills- Asking $1,250,000, purchased $1,190,000 saving $60,000
1/46A Morubin Rd, Mosman- Asking around $770,000 purchased $741,000 saving $29,000
76 Brighton St, Freshwater- Asking $2.1M, purchased $2,050,000 saving $50,000
59 Hay St, West Ryde- Asking $969,000, purchased $960,000 saving $9,000
6 Alfred Street Rozelle– Asking around $1.7M, purchased $1,650,000 saving $50,000
28 Abbe Receveur Place, Little Bay– Asking over $1.1M, purchased $1,070,000 saving $30,000
3/33 Mosman St, Mosman- Asking $525,000, purchased $505,000 saving $20,000 will rent for $500 per week
8 Campbell Ave, Cromer- Asking price $750,000, purchased $730,000 saving $20,000
18A Maple Crs, Ermington- $900,000 saved client $100,000 on their reserve price
4/5 Belgrave St, Neutral Bay- Vendor wanting over $700,000, purchased for $691,000 rental potential $700 per week
4/728 Darling St, Rozelle- Asking $700,000, purchased for $650,000 saving $50,000 leased at $680 per week
6 Fernbank St, Marrickville - Bought right on clients reserve price $787,000 great buying for freestanding home 2 mins walk main shops.
5c/1 George St, Manly - Amazing water views to heads 3 bed apartment asking $1,250,000, purchased $1,180,000 saving $70,000
6 Willyama Ave, Fairlight- Incredible water views to heads, Asking $1.9M, purchased $1,850,000 saving $50,000
3/17 Fairlight St, Manly- Once again amazing views through to the heads asking $1,350,000, purchased $1,280,000 saving $70,000
2 Teresa Place, Cromer- Asking $1,150,000, purchased $1,050,000 saving $100,000 leased out for $1000 per week
5/23 Parraween St, Cremorne- Asking $620,000, purchased $592,000 saving $28,000
3 Quarry St, Naremburn- Asking $1.7M purchased $1.6M saved $100,000
PK's Property Market Predictions for 2012
The property market is starting to see some green shoots, and certain areas are now starved for stock. As winter approaches this stock will even get more lean, and therefore push up prices through competitive bidding from buyers. There will be a property revival, it will just be slower than what we are used to.
PK's Hot Tip
Don't leave buying a property until spring, because my tip this year is that there will be plenty of buyers but not enough properties for sale forcing prices up in spring.
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