Thursday, June 08, 2006

Awards, Awards, Awards.......and how is our Adelaide market tracking!

Awards.... It seems the media is full of every imaginable award but not with standing this, this week Toop&Toop have been recognised in the Australian Business Excellence Awards yet again on a National level for the way in which we have been conducting our business her in Adelaide. While at the time of writing the extent of our success is yet to be announced we have been asked to fly to Sydney for a special evening of celebration for the announcement of the winners. At the very least we are in the National Finals, whether we win will be revealed this evening (Wednesday 7th June).
As the current winner of Agency of the year with the Real Estate of South Australia and the National Winner of the Australian Real Estate Institute for Excellence in Marketing it is wonderful to have the team acknowledged on a National Level when pitched against general businesses and not just Real Estate Organisations. Next week we will let you know how we went, so for all those South Australians we hope to “come home with the bacon” for you.
The market is holding firm for those who are following it, and the Reserve Bank decision to hold rates for another month is most helpful. The top end of the market, which we feel is one million dollar plus, has remained strong and infact areas such as Golden Grove have seen a rally in recent months. This rally was not expected given petrol prices and the recent interest rate increase, so who knows why but we are very happy to be reporting this.
Confidence in jobs and in the economy is clearly our biggest influencing factor on sales and in South Australia there is no shortage of confidence at present. Not with standing this, pricing is now critical and make no mistake the boom is finished. Buyers are prevalent but no longer irresponsible and are far more calculating. As a consequence fewer sales are occurring well over the expected price range. Auction clearance rates are steady around the 60% mark and average time on the market is around six weeks for Private Treaty sales and four weeks for Auction sales, except in the top end where predictably sales are occurring within a few months.
Investors will be pleased with the increasing trend of rents with the vacancy rate under 2% and returns better than they have been for the past five years.
In summary, a very healthy market that is in a sustainable pattern and Adelaide property owners can rest easy!

Anthony Toop, Managing Director.

© Toop Real Estate Group

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