It's All Happening.

What a week? The nation stopped for that race, rates stayed on hold, the Trumps are moving back to Pennsylvania Avenue and we are finally back in our new office!

I’m happy to report that our team secured 6 sales this week, the highlight being an off market sale for a beautiful home in Mosman village.

So what’s happening in the market I hear you ask? It’s changed. Sure, special properties are still achieving great prices (they always do) but the broader market has shifted.

When I look at the more bullish results they share some things in common. The major factor is the demand for turnkey homes. Pretty simple really, those who can afford to avoid the stress and hassle of renovations just pay up for the finished product.

The other contributing factor is proximity to shops and transport also known as ‘walkability’. We all live such busy lives so it makes sense that on our day off we just want to be able to walk to get a decent coffee.

The other thing I’ve noticed is the increased value of terms and conditions when negotiating deals. I sold my own home this week (thank you Rick Woodward) and an instrumental part of the deal was flexibility on settlement and my family being able to avoid a second move.

I’m not a clairvoyant but I think this market is here to stay. Give this some thought, if you subscribe to the seven year cycle theory we saw peaks in mid 2003, 2010, 2017…perhaps June 2024 is another one? Could be a pretty flat wicket for the next 6-12 months.

Until next week,
 
David Murphy