Market Comment – Monday August 18th 2008

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A clearance rate of 66% this weekend, whilst very well received, does not denote the almighty change in the market. The fact that thousands of people attended the Home Buyers Show certainly does. Thank you to all those who visited the JPP team over the weekend.

It was great to talk to so many people who are intending to come back into the market place sooner rather than later. The mix was fairly well spread over investors and owner occupiers. Thank you also to the hundreds of people who attended my question and answer sessions on Saturday and Sunday. Anybody wishing to hear me speak about negotiation and the Melbourne property market can go to our website and get booking details of the upcoming seminar at Milano’s in Brighton on 25/8/2008

Throughout the weekend, whilst speaking to many people who are in the market to purchase, I noted a similar thought. Most have waited until they were sure the interest rates weren’t going up any further. None were too sure whether they would come down due to the banks, but all were happy to take the plunge as of now. Most were comfortable with their own economic outlook and nearly all pointed to migration as the largest catalyst causing them to buy now.

With the newspapers full of problems with the public transport system, the roads are always clogged, our water supply is running out etc: it is relatively obvious our population is dramatically increasing and causing these events. This is spurring on home hunters to take the plunge.

Ian James

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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.

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