A great article by Christina Zhou in the Sydney Morning Herald, “Underquoting accepted as the new norm”
, discusses the issue we have been flagging for the past 12 months.
The impact of underquoting was evident with a brief for an Eastern Suburbs investment property. At an inspection for a 2 bedroom art deco apartment near Edgecliff
, the well know agency franchise had published a price guide of above $650,000. Knowing the market for similar apartments had been trading in the $750,000 to $800,000 range this seemed worth checking out. Continue reading
Just like the movie Groundhog Day, another monetary policy meeting by the Reserve Bank Board and another decision to leave official cash rates unchanged at 2.5%
. In his statement accompanying the release Governor Glen Steven said,
“Resources sector investment spending is starting to decline significantly, while some other areas of private demand are seeing expansion, at varying rates. Public spending is scheduled to be subdued. Overall, the Bank still expects growth to be a little below trend for the next several quarters.”
FOMO or Fear of Missing Out is driving buyers to the Sydney residential property market. It is understandable after seeing property prices in the $500,000 to $1.2m price brackets gain around 17%
in the past year. Our obsession with residential property means many buyers will jump in for fear of missing another 10% capital appreciation. A word of caution, be careful when the insiders are looking to sell.
Harry Triguboff and his company Meriton Apartments, the nation’s largest home builder
, have developed, built and sold more apartments in the Sydney basin than any other player. Continue reading