Cunninghams Property Update

Despite talk of a possible interest rate hike in the near future, we continue to be re-assured of the stability of the market in our area.  Whatever the banks may throw our way, they’ll never get around the uniqueness of our area – strong communities, access to harbour & beaches, relatively easy commute to the city, great schools – where else would you want to live?!  We continue to see many parties through our open homes & at our auctions - more than the impending good weather is bringing people out.  I absolutely believe you’ll never go wrong on the Lower Northern Beaches.  Our area’s reputation spreads far & wide, every day we receive enquiries from potential buyers, particularly from the UK.  

On the subject of our area’s unique offerings, we are proud to announce our sponsorship of the ‘Manly Festival of Surfing’.  Commencing next Thursday 5th of November, and running until Sunday 8th, the festival features numerous events such as Night Surfing, Tandem, Stand Up Distance Paddling Race, Stand Up Paddle Surfing (Paddle Board), Long Boarding, Groms, Learn To Surf, King & Queen Of The Beach, Surf Shop Challenge, GSI 7s Comp, Celebrity Surfing & Fancy Dress Surfing.  You can view more details at www.manlyfestivalofsurfing.com.au.  In conjunction with the festival, 30 surfboards have been decorated to specifically commemorate the event & will be auctioned off in support of The Disabled Surfers Association.  Cunninghams will be the chief auctioneer for this event and we are very pleased to be supporting this event. 

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Our very own World Tour Champion Surfer from the Eighties, Kingsley Looker will feature in the Legends of Surfing exhibition on Sunday 8^th November so get down to the beach and cheer him on – we think he’ll need it!

What a bizarre couple of weeks we have had lately.   Dust storms, 32 degree days, wild seas, gale force winds, rain and to top it off an interest rate rise.

But now to make us all feel good, QBE lenders insurance have come out with a report of another housing boom on the horizon. With growth predictions of 19% over 3 years (average 6.33% per annum ) this is the first signs of bullish predictions that I am sure will flood the market to encourage people to continue borrowing.

The underlying indications of market growth are good, however, always be wary of over zealous reports such as these.  These organisations have a strong interest in you stretching yourself so that they can sell you mortgage insurance.

 We believe that:      Yes the market will grow,  and Yes over the next 3 years

We will be well ahead of where we are now, but by how much,  will depend on so many factors that no one is fully equipped to predict accurately.

Rest assured that property on Sydney’s Northern Beaches is the most sound real estate investment you can make and also that Interest rates will rise and fall with economic conditions.  Make sure you seek good reliable advice, before you dive head first – then there will be no regrets and plenty of joy in the future.

Its the words on everyones lips this week, HIGHER INTEREST RATES, !!!!!!!!!! and what to do about them. Well if you didn’t know the rise was coming you must have been holidaying on mars as the expectation has been around for the past 2 months. And now prepare yourselves for some more because it appears there is anticipation of another 3 lots of 0.25% coming over the next 6 months. But dont dispair there is good rational economic sense behind it all if you listen to the experts and not get taken away by all the hoopla of the tabloid press and current affairs shows.

 Australia, has avoided recession, kept unemployemt down, had a stimulus package and all its banks stayed open plus our current level of rates is still at a 40 year low and by the time they top out it will still be  3.5% lower than 12 months ago . Putting it all in perspective prudent borrowers would have factored in these rises as inevitable and those that did not will need to get used to it as i doubt we will see such low rates in the forseeable future. Our growing economy is just not structured to allow us the luxury of low interest rates and with Australia being the leading western economy at present and sitting well below the average of developed nations on unemployment this growth is set to continue.

The real impact on our local, Balgowlah, market will be seen over the coming weeks with, home buyer, and now investor activity the key performance indicator but our prediction is that there will little or no impact as buyers are lining up for the generally short supply of quality property at present. The long term impact of sucessive rate rises however usually sees the market slow and stabalise with values holding firm but buyer activity will still be the key as the basic fundamentals of supply and demand will test it out. And as you all know the, MANLY to SEAFORTH ,market is a highly desired, low supply real estate environment at all times so as long as confidence remains strong our market place will remain strong

Another strong month of sales in September with over 20 properties finding new owners and a further 4 pending.  There are still 36 listings on our books to choose from and another 6 coming up next week so the next 3 months should be a very busy time on the property market front.

Last weekend saw the http://www.ourmanly.com.au/ light and water photo comp completed and with the assistance of Cunninghams Property (who sponsored the event and supplied the prizes) an Auction was conducted of the top 10 photos to raise money for the MANLY-MANADO Action against poverty campaign. Our outstanding Auctioneer ANDREW LUTZE threw the gavel around the crowd and extracted the bids necessary to raise $6,000 for the cause.