Market Comment – Monday 7th February 2011

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Our first thoughts are for all the families who have been affected by this weekend’s rains & flooding.

As our hearts have gone out to QLD recently, we have all dug deep and sent them our wishes to help them recover and rebuild from such a large disaster.

We also hear & feel for the people of Sydney who have just got over a long heatwave, while this Monday mornings news shows bushfires in WA, with many house gone already!

And all this on the 2nd Anniversary of Black Saturday, which took many of our residents & left many without homes, for which a large percentage are still waiting to rebuild..

Our office was slightly affected – all replaceable & repairable, business still as usual.

The real estate industry was extremely lucky over the weekend. Had we experienced such dire weather conditions on a busier weekend later in the year, there would have been a fair number of auctions cancelled or at the very least affected by the immense gush of water which turned streets into rivers. However there were only around 180 auctions due to take place, and thankfully most of those were in areas not affected by floods. Despite the wide spread deluge which bought traffic to a standstill, all opens and those very few auctions were well attended.

The clearance rates & results will begin to show a clearer picture in approx. 2 weeks when more property comes available & more sales occur, while at this point we are still seeing a handful of properties that didn’t sell prior to Christmas giving unrealistic results. Time will tell if Supply will outweigh Demand!

The passion for property and land has never been more evident than witnessed over the past few months during the erratic weather. Despite all the destruction, the psyche is to re-build bigger and better, rather than retreat in fear of future disaster. Population growth stimulates supply and demand, and is the main motivator for our robust market. However the passion of ordinary Australian’s to own their own piece of land is another factor which can’t be ignored, and this also plays into our market dynamics. SO for the time being at least, it’s onwards and upwards.

If you are after more property info or would like to come in for a no obligation meeting, don’t hesitate to call or email.

Sam James & Catherine Cashmore

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About the author

Ian has been operating his own businesses for more than 25 years. During this time the self taught lessons of building the business, dealing with staff, suppliers, clients and economic woes have been invaluable. Ian is a fully licensed Real estate Agent, a member of the REIV and registered with the Business Licensing Authority.

Buying property is not just sticking up your hand and outbidding your rival. It is an emotional, fiscal and psychological decision that needs to be planned and well executed. Ian is usually involved in over three hundred property negotiations per year; ranging from the $250,000 first unit purchase for a young couple to multiple million dollar residential developments. Ian's business background and endless numbers of negotiations make him one of the industry's leading negotiators.

Ian is married with two adult children, living in Patterson Lakes. He is a keen fisherman when weather and business allows the time.