A couple of recent sales of Palm Beach Property highlight the risk of not knowing the market
when buying out of area. Take the Fahey family’s sale of “Swell” this week for $5.0m after a stop start selling campaign of 6 months. Purchased for $3.7m and after extensive renovations the Fahey’s have done well to secure a 10% return for a property that most locals wouldn’t touch. Why pay $5.0m for a property in a noisy location near a bus stop
and little privacy from weekend visitors when there are far better alternatives available. Continue reading
A good article by Toby Johnstone in the SMH
quotes the quarterly slow down in capital city price growth as a sign that the boom is over. With the usual economists and market observers confirming that we are past the peak in the property cycle and hence the boom is over. Please give me a break. Continue reading
What a day in the Sydney residential property market. Around 1100 properties went under the hammer yesterday around 10% more than this time last year.
Early estimates of clearance rates were at a robust 78.1%
and we have another 1200 properties to auction before the extended Easter holiday period. With motivated vendors and eager buyers agents will be kept very busy.
By Shane Clinton
On the day when RP-Data announced house prices rose 3.5% across capital cities, with Sydney prices growing 4.4%
, the Reserve Bank Board maintained a wait and see approach to domestic interest rates.
In announcing the official cash rate unchanged at 2.5%, the Governor Glen Stevens said, “Financial conditions overall remain very accommodative.”
He went on in the release to to say that “On present indications, the most prudent course is likely to be a period of stability in interest rates.” Continue reading