The Reserve Bank did not give us the expected rate cut this week and I blame our InsideStory column - too optimistic! We've been saying the market has been great this year compared to 2011, which is true, but I hope the Reserve Bank were not solely relying on our column for their decision this week - people are still finding it tough.
There remains a lot of nervous people out there, so at Toop&Toop we are taking one week at a time. I assume the Reserve Bank know more than we do...maybe they got it right, while seemingly the rest of the population of Australia got it wrong. Either way, their decision to leave rates unchanged this week was disappointing for property people.
Moving on, Toop&Toop have some amazing properties on the market at the moment...a real "purple patch". While we realise it may not continue at this level, those buyers out there looking for really lovely homes should not assume this level of choice will remain either. The reality is that once sold, these properties will be looked back on as missed opportunities by those who where umm-ing and ahh-ing. So take it seriously; properties like "Benacre" and "Carlton House" are generational opportunities; real estate of this calibre doesn't become available often.
If anyone reading this knows of friends or family wanting to sell, please ask them to call us. We have so many buyers running around at present - these gorgeous homes have generated an incredible number of enquiries. Despite reports on Tuesday that the local market is currently overstocked, we have certainly not experienced this problem at Toop&Toop. This flood of oversupply is likely to be "old stock" which has remained static for quite a while now. Right now at Toop&Toop, there are not near enough houses to go around, and we are talking in pretty much all price ranges. The demand is high, the supply is limited.
Landlords - all good for you. Hot demand and rents rising, it's all looking good for you. On the flip side, sorry tenants - it might be best to revisit buying right now; with prices down and rents on the way up, get some advice because buying could be a smart move at the moment.
Not getting that interest rate drop will stop any immediate pressure for property prices to rise, and remember, we are in a very solid space at the moment here in South Australia.
We will keep you posted on any changes in the market...in the meantime: landlords and sellers - call us, we need to hear from you!
Anthony Toop Follow me on Twitter: @Anthony_Toop or call 0418 824 188