Anecdotal evidence suggests that consumers are cutting back on their spending around Australia. And it’s likely that luxury items and overseas travel will be the most affected.
A recent article in The Age expounded “The Flight to Value” — where Australian Property Monitors reported a 24% drop in the median price for Toorak Homes, in the 6 months to September.
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There are a couple of questions on the minds of Commercial Property Investors at the moment.
And they go something like this.
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Because … the Vendor is rather keen to wrap this up, over the next week to 10 days.
Last Friday, the Rouse Street auction ended up being passed in on a “Vendor bid” for $975,000.
The current net rental is $65,500 per annum. And, in the current climate, the Vendor is now extremely realistic on price.
Have a quick look at the property, if you haven’t done so already. And then, give me a call on 0425 791 254.
Last week, we had a little hiccup with the “advance notice” email I sent out to you. And again, my apologies for that.
So far, we have had some good interest in this Port Melbourne property — however, a few people did have a little difficulty, while trying to access some of the legal documents.
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This is how THE AGE (on 9 July) described a recent purchase, which I successfully put together for one of my interstate clients.
Negotiating from a $7.2 million reserve, down to a $6.4 million contract price … resulted in a saving of nearly $1 million.
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With all that has occurred recently as a result of the American Sub-Prime crisis … Property Investors are finding it hard to gauge the current market.
Some are preferring to “sit and wait”. Whereas, others are seeing it as an opportunity to secure a good deal … while the present confusion reigns.
The Prime Minister’s “freezing” of parliamentary salaries is a clear endorsement of RBA Governor Stevens’ warning to curb our spending.
Last week, I mentioned the impact this could have on retail turnover — with a flow-on effect for growth in rental and sale prices for the Retail sector.
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Yesterday’s interest rate increase by The Reserve Bank carries with it some hardship for the outer residential suburbs around Australia.
Curbing inflation is clearly the RBA’s main aim. And from their additional comments yesterday, we now have confirmation that Australia is effectively seen as being shielded from the turmoil in the US.
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You probably saw that the “Full House” notice went up yesterday for the Property Workshop.
But there is provision for you to go onto a Wait List, if you missed out on reserving your seat — because, invariably a few people will drop out between now and March.
PLUS, if you do put yourself on the Wait List BEFORE the end of January … I will still honour the early-bird rate of $797 for a seat.
However, if you wait-list yourself AFTER 30 January … then unfortunately, it will have to be at the full rate of $1,100.
So, make sure you don’t miss out for a second time.
Well, here’s some good news on the next Property Workshop!
Following a barrage of emails from those of you who took off the week before Christmas … you will see that the early-bird registration has been extended until the end of January.
However, I suspect the “Full House” sign will be going up before then. Therefore, if you haven’t already reserved your seat … make your decision now — rather than miss out.
Looking forward to seeing you there.
Chris
