Local Real Estate Comments from Peter Cooke and the Team at Richardson & Wrench.

> Even Stubborn Properties Sell

Some properties are harder to sell than others. A truer statement has seldom been said. But it is also true that all properties are sellable. Even if the sign on the lawn is faded and appears to be growing roots, every property can be sold. The question is, for how much? When every other property nearby has been snapped up beside this forlorn piece of ground, there is a good chance that this property has been overpriced due to overly ,optimistic expectations. 

Anyone familiar with the real estate industry will know that setting a correct asking price can be almost an art in itself. Doing so generates maximum enquiry, gets more inspections by genuine buyers and usually leads to a sale. But getting the price right is no easy task. Experience and local knowledge can make the all-important difference between establishing an initial selling price that works and one that does not. The moral of the story is simple. For the best finish get the right start, and starting at R&W is always the best move.

> Properties and Values on the Move

East Coast home sales suffered from a sluggish start to the summer season but have been bolstered by recent mortgage rate reductions and now look like registering a modest upswing. With people still worried about the economy, property has pulled stealthily ahead of other financial vehicles as a long term strategy for building wealth. Compared with other forms of wealth creation, residential property has shown extraordinary resiliency. This in turn is inspiring a rising number of people to move money into bricks and mortar as their best hedge against poor stock performance and the follow-on reduction in the value of many superannuation plans. 

With analysts now saying a number of super funds have been devalued by as much as 20 per cent over the past year, the fact that property has produced gains overall, however small, puts home and unit ownership into clearer focus. With almost 40 per cent of households already owning their property, it is these people who are reaping the true benefits of genuine security amidst tumultuous economic times. To own one’s own home sets one aside from risk and want, a goal being chased by another third of the Australian population and an understandable dream for the remaining 30 per cent who are currently renting. The cost of mortgages appears set to drop further as we move into 2009. Benefits for first home buyers are at their best ever, and value for money will remain as an inspiration as home hunters look toward the horizon and begin to realise that current low prices will inevitably rise.