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!