If you have recently thought to yourself that the outspoken virtue-signalling real estate agent (me) has been quieter than usual then you would be right.
Whilst we have a rule in here that if the newsletter is no good it doesn’t go out, this lull of weekly sarcasm and wit has had less to do with failed penmanship and more to do with me just deciding to sit back and observe.
I must also admit that the software upgrade of becoming a father has made me less motivated to mercilessly flame my dear competitors (don’t worry loyal fans…I’m trying to do the work).
Attempting to describe this market as one organism is impossible, I say this because the top end is obviously incredibly strong, quality downsizer apartments (built) are performing well however many of the other segments of the market have struggled this year.
It’s counterintuitive as a sales person to highlight market weakness as it feels perilously close to biting the hand that feeds you. Home owners understandably want an optimistic salesperson at their door but I would put to you that in uncertain times the value of realism is rising.
My observation of 2025 is that if you remove the outliers and ignore the frothy misleading press and overly ‘optimistic’ agents it’s been a bumpy year for property.
Since January I have heard people blame perceived momentary periods of market softness on a multitude of factors like Trump, the rain, school holidays, the RBA etc. etc…but guys…it’s nearly November. Even terminology like ‘soft’ and ‘patchy’ are euphemistic for the hard truth, prices have flattened and in some categories they have fallen by 5-10%. There are now numerous examples of properties that have sold in the past few years that have re-sold at or less than their last price.
My personal theory is that much of the hope of 2025 was tethered to the expectation that interest rates would come down more than they have, it’s like we have witnessed a financial disheartening of sorts. The broader economy is pretty sluggish, a decent coffee is six bucks, building costs are astronomical and the general vibe of uncertainty has left much of the population feeling pretty drained and ready to go on vacay.
In Mosman, I also think it’s impossible to ignore the looming shadows of the Minns government’s seismic policy change on development. No one can measure what impact this will have on parts of the local market but it’s undoubtable that it will be good for some and dire for others.
But, as always the sales keep ticking over, thankfully there are always buyers who want to buy and sellers who want to sell…it’s just all very sensible.
Tomorrow is Super Saturday for us with a grand collection of some of the best listings in the area open for inspection, we hope to see you on the circuit (please bring snacks and water).
Until next week,
David Murphy