Electile Dysfunction.
For long-time fans of this newsletter yes we have used this headline before but it was just too good to leave in the bottom drawer!
Sorry people, it’s time we talked about elections.
The last time Australians went to the polls the people of Mosman were trembling at the thought of negative gearing being scrapped and the doom that would surely follow. The week before that election I was running four auction campaigns and they were all looking grim. Then out of nowhere Scomo won and those four auctions turned into garden parties…oh how we laughed.
Regardless of what tripe real estate agents are currently clogging your social media feeds up with, I’m here to tell you that the property market has changed significantly in the past few weeks. Shock horror, but it’s true.
Right across the city auctions have been postponed, passed in and in some cases withdrawn completely. It feels like the tide has run out and it has taken most of the super keen home buyers with it.
It never ceases to amaze me how jumpy people get about elections and interest rates. If Scomo loses this election the number one goal of the Labour government will be to immediately calm the farm. Perhaps democracy’s greatest strength (and weakness) is how a lot goes on but nothing really happens, life will continue as normal.
True, Interest rates will rise at some point…they are currently at record lows so in the event we see rates move up marginally they will still be at ‘near record lows.’ The question is should you wait for a slightly lower price but then buy with slightly higher finance costs?
Newspapers and media outlets are not the place to obtain direction when it comes to property. Most published auction clearance rates are misleading and most predictions from so called experts are proven wrong over time.
If you are thinking of buying and selling at present it would also pay to remember that we are in a relative market place. Sure you may get a little less but you will also pay a little less as well. Same same. If you have been looking for a long time this is a great time for you to get in, don’t sit back and wait for the herd to return….because it will.
Completely off topic, I know many of us wish we could do something for the people of Ukraine. Some lovely clients of ours have arranged a fundraising event tonight in Mosman and if you could attend or even make a donation that would be great.
Click here for more information Help for Ukraine Fundraiser Tickets, Fri, Apr 8, 2022 at 7:00 PM | Eventbrite
For F1 fans….how good?? Lights out and away we go!
Until next week,
David Murphy