Wednesday, September 29, 2010

The show must go on!

The million-dollar question this week
was, do you delay your property sale
another week or not? Well as with the
Grand Final result, we will know soon.
In an event even bigger than this
week’s opening of Toop&Toop's
new Hyde Park office; the 100,016
spectators who attended ‘that one
day in September’ witnessed a game
they will never forget…Collingwood
V St Kilda. It’s the first draw the AFL
Grand Final has seen since 1977.
In an amazing twist of events, it’s been
a year that’s seen a hung Parliament
(where it took 17 days to decide on a
winner) and now an AFL Grand Final,
which ended in a draw – potentially
causing a lot of problems for agents.
Many believe all eyes will be set on the
AFL again this week as the two teams
prepare to go back into battle – the
biggest game, media wise, in
AFL history.
We have fielded plenty of calls from
anxious home sellers this week. In a
nutshell, sellers have had two options:
postpone their auction/opens for
another day/week, or go ahead as
planned. The reality is that the show
must go on!
We reviewed last weekend’s Grand
Final impact and received positive
feedback. Opens went ahead, buyers
were still active in the marketplace
and the real estate sky did not fall in.
In reality any delay in your sales
process creates an even greater risk
of being caught up in a late spring
bubble of property releases, creating a
flood of stock and stalling the market.
This is the likelihood we are facing,
especially if interest rates go up next
The number of properties hitting the
market in the space of the next few
weeks is expected to skyrocket with
the Commonwealth Bank joining the
growing number of banks shifting
expectations of another interest rate
rise on October 5. Therefore we feel it
is vital that those looking to sell should
proceed at full speed ahead.
So have faith that not everyone will be
in Melbourne or having another Grand
Final BBQ this weekend (after all not
everyone follows AFL). Those who have
pushed on with open inspections may
be the big winners on the day, with so
much happening in the market at the
moment. In the week leading up to
the October long weekend last year,
30 properties were photographed
in preparation for their advertising
campaigns. This the year the number
has dramatically increased with our
photographer visiting 45 properties this
week. The increased number of sellers
along with the current strength of the
Aussie dollar and the traditional onset
of investors is creating a real
estate buzz.
As Collingwood coach Mick Malthouse
commented last week “Expect the
unexpected – but when it happens, be
ready for it.”
Bring on the rematch…bring on
the sales…
And a big thank you must go out to
those who came out for the opening
of our Toop&Toop Hyde Park office
‘The Abbey’ on Thursday. Make sure
you check out the latest
episode of Toop.TV where I
chatted to my mother about
‘The Abbey’ and the history
my family has had with this
building over the years.

Anthony Toop, Managing Director.
© Toop Real Estate Group

1 comment:

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