Market Comment – Monday November 23rd 2009

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Whilst the reported sales by auction was down slightly on the previous week, the reported market volume in dollars was up. The market looks to be going to complete this year on a much higher note than both the previous years.

There was an article written in the Herald Sun this morning about younger buyers having difficulty getting into the market place. It talked about Generation Y buyers being held out of the market place by Baby Boomers and Generation X home owners not selling as often as people did in the past. The study was done by Craig James of the Commonwealth Bank.

If we add this to the fact we have a population growth out stripping new building, more investors coming into the market place instead of putting their money into shares and only 15% of people with a mortgage have sold their properties since 2004, then it is no wonder property prices are sky rocketing.

Every time we talk about how difficult it is to purchase a property we come back to supply and demand. Well now for some good news. We have purchased over 50 properties in the last few months. There are properties out there to buy. You need to be very focused on what you are going after. When you find the right property, it needs to be analysed for both its positive and negative attributes and also what its true value is.

People come to us having been looking for years. Last month we bought for a client and this is what they had to say:

“We are absolutely delighted with our purchase which meets all our requirements and we could not have done it without you.
From beginning to end (all of 1 week), we found the JPP team to be extremely professional, efficient and most of all friendly and easy to communicate with. We will definitely be back.” C & A

It does not take two years to find a property; in fact the market will have moved so much after just 4 months that what you were searching for at the start will be vastly different to what you are currently looking at. Searching for property is something that anyone can do. But to do it effectively and efficiently is a real art.

If you have been trying to secure your first home, your dream home or an investment property without much success, why don’t you give us a call? There is no charge or obligation at our first meeting.

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.