HomeWelcome to Our Home
Communication and Confidence
Good News for the Mosman Market
In the paper recently there has been some very positive news with regard to the high end of the market. One particular article reported that the recovery at the top end was coming from financial service sector executives. Indeed, two of our recent sales alerted us that local buyers are now competing for property with expatriates who are in the financial sector overseas and plan to buy the property and rent it out until they return home. Bank bonuses, even though many have changed somewhat, have definitely come back and are providing market momentum. Regardless of the bonuses, Mosman and the Lower North Shore have always attracted many buyers, even when the market has been a bit tough. Corporate profitability is important as it delivers income for many households. There are also those who run their own successful business, and we have seen many of these move in to the area since we established our agency. In saying the above however, you must find the right buyers for the right property.
The Great Aussie Dream - A Holiday House
The last 18 months have been a great time to acquire a beachside house or apartment. As a regular visitor to Lennox Head, I’ve seen the far North Coast property market erupt over the last 20 years, particularly in medium high-rise quality apartments. You can tell when a town moves on as mixed grills disappear from the café and restaurant menus. I remember the good old days when you could get a mixed grill for $7.50 and it would take you an hour to finish it! Towards the end of last year, an agent in Ballina told me there were plenty of units and blocks of land for sale but very few buyers and an acquaintance recently told me he’d just sold his magnificent Palm Beach home for a little less that he paid for it five years ago. It would seem it’s a buyer’s market for holiday and coastal property – and they’re great for the grandchildren! Here are my top five tips when buying a holiday home.
1. Make sure you use it regularly, relax and have fun.
2. Make sure the property is in a great location and easily rentable.
3. Don’t spend your holiday working on the property – enjoy time with family and friends.
4. If land tax applies, make sure that you’ve set aside funds to cover it.
5. Keep the property in good condition so that it’s attractive as a short-term rental.