The RBA has left interest rates on hold at 2% for another month. This is the 10th month in row. Economists are predicting the most likely movement in the future will still be down and at the earliest will be May. Some predict no movement at all this year.
Yes, its official! BPS readers are not so cool after all. It’s that dirty little secret we have while waiting at the doctors office, or glancing at the glossy mags while in the queue at the supermarket.
Last month’s throw-away article about the latest celebrities swanning into town was well received. Yes, you all leave a digital trail and I do not need to be Julian Assange to see it. The blog “I’m a Celebrity, Get me to Byron” was open and read by 50% more readers than the next most popular – “Worlds most unaffordable cities”.
Since you love it so much, here the next instalment …
Aussie tennis great Pat Rafter has purchased 28 hectares of land on Midgen Flat Road, Broken Head. The price of $1.35M was achieved after the battle axe block with good northern rural views, had been listed for over a year. An unconfirmed rumour is that the Wimbledon champion and Davis Cup captain may be planning to start a tennis camp on the land.
Also seen around the traps: Miley Cyrus has been through town (without a wrecking ball) and trying to stay under the radar. TV presenter Jennifer Hawkins and husband Jake Wall enjoyed a two week vacation in the bay. And to top it off – royalty: our own Princess Mary of Denmark was seen in the surf and in the shops! OMG!!!
A tale of two city terraces
The sales of two Sydney inner city terraces uncovered interesting back stories.
Living in high density Surry Hills was not all wine and roses for Ms Natalie Jean Wood of 139 Kippax Street. Her fully decayed body was found in 2011, just short of her 87th birthday and around 8 years after her death. The dilapidated two bedroom terrace still has the original external bathroom and laundry. A sister in law, Enid Davis, will be the benefactor of the $1.105M estate. It was expected to sell for $850,000 at most and was described as uninhabitable. The buyer was fully informed at the auction and intended to find her grave and place some flowers stating that they “found the whole story very sad.”
A similar run down terrace in neighbouring Paddington also had a macabre twist at it’s recent sale. The estate of Christine Coombs was challenged by an Iraqi refugee who claimed to be the deceased lover, dancing partner and cat minder. The claim was thrown out when neighbours rallied together saying the man was only a fruit and junk salesman who occassionally sold items to her. The 2 bedroom property on 50 sq metres sold for $1M and was originally purchased by Christine and her butcher husband in 1965 for £3,200.
Buying in a Strong Market
I have extracted the following from the newsletter of fellow Sydney Buyers Agent, Patrick Bright from EPS Property Search. I concur with these thoughts as I often find it hard to impress upon clients that when we find something good …. don’t hesitate.
“A big mistake that many home buyers make is procrastinating when they’ve found a property that ticks most if not all their needs. They labour too long in making a decision and miss the property that they’ve been waiting months, sometimes years, to find.
The hesitation usually comes from fear. Buying a property is one of the most stressful transactions most of us will ever make and the biggest stress usually comes from the fear of paying too much. There is nothing worse than realising you could have bought better, and it’s too late once the contract is signed.
By deliberating for too long, home buyers run the risk of losing the property, or having increased competition drive up the price because another party has had time to see it.
If you’re crystal clear about what you’re looking for and you’ve done your research, you’re less likely to hesitate and miss out on a great buy because more often than not the great buys don’t last long.”
Use a REBAA buyers agent.
Just to add to that sentiment – using a buyers agent in the research process brings certainty to the decision. It can be such a stressful decision that even if you think you know your way around a certain market, having deep knowledge of a local area naturally brings a level of confidence and certanty. But don’t use any buyers agent – use a REBAA certified agent only.