Where to In 2011?

My crystal ball is saying the real estate market for the first quarter of 2011 looks like being a fairly tough place. Anecdotally activity in the last quarter of 2010 has been subdued in many areas of the state and building starts and finance approvals are also both down confirming this.


As always there have been pockets that have managed to miss the pain but it would appear that they are few and far between.

Latest comments by the R.B.A. give some respite as they indicate that it is unlikely that we will see any further interest rate movements until at least the end of the first quarter, cold comfort to a degree I know, as much of the damage has already been done with recently released figures showing housing affordability in NSW currently at one of its lowest levels in years.

Even the weather seems to be against us at the moment, with parts of the state experiencing flooding and extreme weather events as I write this article and the long range forecast is for more of this all through summer. I guess we should be thankful we are not farmers, they have it even worse.

On the upside, rental demand remains strong, with increased rents leading to higher returns in most areas. This will not only help our Property Management department profits but should see a continued influx of investors into the market chasing these attractive returns.

This next quarter will also see the introduction of the new Residential Tenancies legislation. As an industry I believe we need to talk to and educate our landlords as soon as possible in relation to these changes, before there is a quiet news week and some sensationalising journalists try to create panic for the sake of selling a couple of extra newspapers and we get left to deal with the paranoia.

E.A.C. has run a series of seminars on this topic in recent times and will continue to update you as regulations are firstly released and then tested at tribunal.

As Geoff Hunter showed in his seminars there are a number of positives for landlords in the new Act, it is not all bad, and we need to emphasis that to our clients before the scare stories start.

I believe the sales environment will stay tough in many areas, listings are down and look like remaining tight and now it seems as though prices are also dropping in certain areas. Managing vendor expectations will be of paramount importance in the coming months. All the good E.A.C. agents will be practising their scripts and dialogs in role plays I’m sure.

The upside for the good operators is that they tend to increase their market share in tough times and what doesn’t kill us will make us stronger.

Wishing everyone success in the year ahead and happiness throughout this festive season.

Dale Whittaker
E.A.C. Chairman

Testimonial

SOLD - Ash Avenue, Albion Park Rail

SUPERSTAR!
Deb, I already knew you were a superstar but this has sealed the deal! Offers after the first few days on the market and then a price that we were very happy with. We were prepared to have the property listed for a few months to wait for that great price but you achieved it in a couple of days. Thank you so much!

E. Marr (Albion Park Rail)

Testimonial for Deb Cummins & Dougmal Harcourts Oak Flats

SOLD - Urana Way, Flinders

Thank you to Deb Cummins for her professionalism in dealing with our property in Flinders. Her attention to detail in marketing the property with photos & advertising is of a very high standard as well as her negotiation skills. I would recommend Deb to anyone who is thinking of selling. My wife & I are extremely happy with the outcome.

R. Deacon (Flinders)

Testimonial for Deb Cummins (Dougmal Harcourts Oak Flats)

SOLD - Johnston Street, Warilla

"Deb Cummins is a fabulous agent. She kept me sane through what was a very stressful period for me. Outstanding service and an amazing lady. Thank you."
C. James

Testimonial For Dougmal Harcourts Oak Flats & Dale Whittaker

SOLD - Albion Park

"Dougmal Harcourts Oak Flats overcame a difficult situation and delivered an excellent outcome. Thank you Dale and your team"

Stunning New Listing in Blackbutt

INDULGE IN COMPLETE LUXURY!

Just some of the many features:-

• Enviable one acre block in a picturesque setting with deep landscaped gardens
• Modern island kitchen with quality stainless steel fittings
• 4 car garage plus vast under-house storage rooms and wine cellar
• 5 double-sized bedrooms
• Expansive wraparound balcony capturing intimate views
• Formal living & dining areas
• Ducted vacuum and ducted air conditioning
• Wood fireplace
• Multiple outdoor entertaining spaces
• Theatre room with projector
• 14m swimming pool plus pool house with bathroom
• Sound system, back to base alarm, intercom, video camera surveillance

For more information, photos and floor plan, go to www.dougmaloakflats.harcourts.com.au

Dougmal Harcourts Oak Flats Shines at Quarterly Awards

Harcourts NSW recently held their Quarterly Awards function at Dalton House, Jones Bay Wharf, Pyrmont, to celebrate both individual and office real estate achievements for the April to June 2010 quarter. Competing against a field of 40 other real estate offices and more than 100 sales consultants statewide, Deb Cummins from Dougmal Harcourts Oak Flats scooped up the following awards for her outstanding real estate achievements.

Gold Achievement Award

Sapphire Pin

Top 10 Sales Consultant

Congratulations Deb!

Testimonial for Dougmal Harcourts Oak Flats & Deb Cummins

                                                SOLD - Lindesay Street, Barrack Heights

"The service from Dougmal Harcourts was exemplary to the highest degree. The staff were always courteous and listened to what was asked and very helpful, nothing was of any bother or trouble. Deb Cummins has always displayed professionalism in all her dealings with us and allowed us to be in the loop of how the market and prospects were progressing. Deb, because of her approach and market knowledge was able to sell the house in half a day of being on the market. I congratulate Deb for her ability to keep her finger on the pulse and being right up there with what is happening in the market place. Once again, I would like to thank Dougmal Harcourts for their attentive approach, willingness to co-operate which made the stressful, emotional feeling easier to manage with selling the family home".
R. Woods

Over $20,000 More

SOLD - Hopetoun Street, Oak Flats

Testimonial for Deb Cummins:-

"Dear Deb,

I would like to thank you for the awesome job you did when selling our house in Oak Flats. You were so enthusiastic about the house and your opinion of the price the property would bring was spot on. You achieved over $20,000 more for us than the opinion the other agent gave and sold our home to the first buyer in the door. That was truly remarkable! Your guidance during the sale process removed all the pressure and made the sale an enjoyable process. Your honesty and integrity is second to none and I will certainly recommend you in the future. Thank you again Deb."

C. Smit

Testimonial from another Happy Client...

SOLD - Westwood Drive, Blackbutt

"When we decided to sell our house, we got a couple of valuations and was surprised at the difference in both. Dougmal Harcourts Oak Flats provided us with a valuation that we thought was right on the money and 3 weeks later the house was sold at our target price.

We could not recommend Dougmal Harcourts Oak Flats high enough, their staff and manner was of the highest standard."

H. Harrison

Award Success For Dougmal Harcourts Oak Flats

Harcourts NSW recently held their Annual Awards function at Crown Plaza Coogee to celebrate both individual & office real estate achievements for 2009/2010. Dougmal Harcourts Oak Flats scooped up a large number of awards for their outstanding real estate achievements. Some of the awards received were:-

Gold Achievement Award - Deb Cummins
Top Sales Consultant - 1st in the Illawarra - Deb Cummins
Top State Office - Dougmal Harcourts Oak Flats - 3rd in NSW

CEO of Harcourts NSW, Chris Stephandellis, said "A special mention for Deb Cummins who consistently achieves outstanding results every quarter and every year."

Congratulations Deb for achieving NUMBER 1 in the ILLAWARRA for the SEVENTH time in a row and NUMBER 2 in NSW!

Harcourts NSW Quarterly Awards (October to December 2009)

Dougmal Harcourts Oak Flats were centre stage at the recent Harcourts Quarterly Awards function, celebrating individual and office achievements for the October to December 2009 quarter.

OFFICE ADMINISTRATOR - Joyce Mantuano

BRONZE SALES ACHIEVEMENT - Jim Wells

SILVER SALES ACHIEVEMENT - Deb Cummins

GOLD PIN - Jim Wells

TOP 10 SALES CONSULTANTS - Deb Cummins

TOP SALES OFFICE (October) - Dougmal Harcourts Oak Flats

TOP OFFICE REVENUE (October) - Dougmal Harcourts Oak Flats

Where to for the Housing Market in 2010?

There are a number of factors to consider when trying to look into the crystal ball and predict what is going to happen to residential real estate in the Illawarra in the next 12 months.

The primary driver at the moment would appear to be a wide spread shortage of property for sale. Coupled with slow land releases and a lack of major unit development at the the moment, basic supply and demand economies would indicate upwards pressure on prices.

As far as demand is concerned, there seems to be no shortage of buyers for property at the right price. Investors are starting to come back into the market, taking up some of the slack left by the drop off of first home buyers after the extra subsidies ended on 31 December 2009.

Rises in prices will only be modest however as several negative factors will have an impact. Firstly the 3 interest rate rises of recent times and the probability of another 25 basis points on 2 February 2010 after the Reserve Bank Board meets, along with some job insecurity in the region.

Overall, however I think that the market will be reasonably positive with modest price growth throughout the coming year.