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Too close for missiles, I'm switching to guns.

Friday 24th May 2019

Too close for missiles, I'm switching to guns.

Last week I promised a close friend that I would write this week’s newsletter with a Top Gun reference as the headline…huge mistake. All week I have been trying to find a quote that ties in with ‘the week that was’ and it has just been making me anxious…
 
As myself and the team busily prepare on the eve of our own version of ‘Super Saturday’, rather than talk about the epic tale of Maverick & Goose I feel compelled to express how important it is to have your ducks (so much waterfowl??) in a row when you are buying a property. With 3 auctions tomorrow, I’m amazed at how many buyers there are in the market who aren’t ready to buy. It’s absolute torture if you find the right property and then see someone else buy it. If I had a dollar for every time I hear someone at an open say ‘we have been looking for months, this is perfect, if only [insert obscure major reason for not being able to buy here]’ I’d be buying 58 Wolseley Road tomorrow in cash. Today I had a call, ‘it’s the perfect property but we just don’t have access to our deposit’…unsurprisingly my clients didn’t accept a ‘pinky swear’ as legal tender.
 
If you are in the game, you have to actually get into the game and be organised. Fortune favours the bold, luck is preparation awaiting opportunity, birds of a feather…ok so the last one doesn’t fit.
 
In this day and age you can go from a standing start to being ready to buy a house in minutes (I can hear the old school solicitors scoffing but I challenge you all). Most property contracts are in a standard form and can be reviewed by an astute legal representative quickly, good agents have bona fide building reports at the ready, and the best ones will encourage open dialogue between potential buyers and the owners. If you have a family lawyer who says ‘its Thursday, the auction is on Saturday, there just isn’t enough time’...fire them.
 
Gear change…no clutch…
 
History will judge that Bill Shorten lost this election because he promised too much change in an incredibly uncertain environment. It makes sense when you think about it. Most Australians have held quiet concerns about a falling market, credit crunch, and dubious international landscape converging…then you have a guy saying that he is going to come in and make things better by shaking up the top end of town, applying taxes, abolishing negative gearing…seems like the average Aussie didn’t like the sound of a shake up in the middle of a shake down.
 
This week has seen increased confidence, the promise of lower rates, and the easing of credit…hmmm, I wonder what that means for the market, actually I don’t.
 
Wish us luck for tomorrow!
 
Until next week,

David Murphy