Cunninghams Property Update

This is our last blog communication for the year – can you believe how quickly the year has gone? It was an interesting year to say the least, and not as dire as many predicted, particularly on the economic front.

We hope that everyone enjoys the festive season and manages to take some well deserved time out. It’s shaping up to be a very hot summer judging by our recent weeks, so take care in the surf and don’t get sunburnt on the beach! Our volunteers up and down the coast and in the bush do such a good job keeping us safe – take care of them too! Christmas can be a great time for most of us, but it can be stressful so do take the time to enjoy it and make the most of it.

It’s been a great year for Cunninghams, we have thoroughly enjoyed our interactions with buyers and sellers of properties, investors and tenants. We continue to grow – we’ve had record months this year, it’s been wonderful to reach these levels in an industry that all of us at Cunninghams are so passionate about. So thank you!

We’ve got plenty of stock ready to come onto the market in January – we can’t wait for the year ahead.

Have a great Christmas and all the very best for the New Year. Stay well and happy.

This time of year always seems to be frantic – people to see, places to go, properties to inspect!  Most of us think we should have made more of an effort to be more organised and to visit people we should really see more of anyway throughout the year – not wait until the last minute when we really can’t give those we care about the time and attention they deserve, especially our friends and family.  We all think that next year we’ll do it differently and here we are again!  Either way, we hope you’re enjoying this month and making the most out of each situation.

With everything else that is going on, Cunninghams listed two new properties this week – 1 Golf Parade Manly and 46 Curban St, Balgowlah Heights.  So if you are in the market for a new home we hope to see you at one of our open-for-inspections.  Check out our properties that are open this weekend – come and have a look and enjoy the calm!

Have a great week.

We have won for the 3rd time!  We were thrilled to again be named BEST REAL ESTATE AGENT in the Manly Daily Business Achiever awards last Friday night.  We have had our most sucessful year ever at Cunninghams, working with great clients, selling fantastic properties and achieving even better results.   Our client commitment and focus is of utmost priority to us and we feel very humbled to have such support.

 As the year draws to a close we are still seeing lots of activity and fielding many enquiries, we don’t think there will be too much of a quiet time come January.  If you are in the market, keep talking to us and keep an eye on properties we are still listing.

 We had a very sucessful auction over the weekend in Northcote Ave, Fairlight.  A good auction is great fun for everyone – lots of atmosphere, spirited bidding and very interested spectators.  Everyone loves an environment like this – the duplex property sold for over 25% more than two years ago – unchanged.  As I’ve said all along, it’s a strong market – and a great place to live. 

Have a good week.

Wow, how brilliant a location is the Northern Beaches of Sydney? 15 magnificent ocean beaches to enjoy surfing and nippers with your family, 15 beautiful harbour beaches to swim, snorkel or just people-watch and 15 minutes to the city on a fast ferry (well don’t get me on a technicality!) We’re always amazed at what we have on offer here, Sydney is a unique global city in this regard and we have all of this and a national park right on our doorstep.

Take the plunge and secure your own slice of paradise – now is the time to commit. We have sold 35 properties in the past 5 weeks but we still have 20 open for viewing this weekend and 5 new listings in the wind. The festive season is upon us so act soon before the market quietens down and you could still be in before Christmas. There’s still time to enjoy your summer and all the great things on offer on your doorstep

With the outcome of yesterday’s official ’shocking’ interest rate rise – sorry we’re getting Melbourne Cup winners and our finances mixed up – who was surprised?  We weren’t and we suspect most probably weren’t.  Everyone has a view on how this will impact property and prices and number of buyers in the market – but the flip side of such a rate rise is a good indication that the economy is well and truly on the mend.  Business is doing well and people have jobs – a much better position all round than was predicted same time last year.

 Here at Cunninghams Property we set ourselves what we thought was a fairly formidable goal – 30 properties in 30 days.  We finished the month with 32 sales making October our most successful month on record.  Interestingly, our average sale price is now just below $1 million dollars, considerably lower than in the July/August time frame.  This might surprise some but we see this as good news – it’s a strong reflection of a stable market – for buyers and sellers alike where a good mix of properties are being sold across all price ranges instead of an abundance of first home buyer units as it was in the first quarter of the year (where the average was a low of $750,000) or as it was in July when an abundance of significant family homes were sold.

 In the local press last week there were some comparisons of the median prices of some suburbs – with some considerable differences and seemingly alarming ‘drops’ in some suburbs.  This information was based on the Australian Property Monitor quarterly house price series report.  Having been firmly established in the area for over 18 years, we’re always wary of marking short term comparisons of results and sales prices as this doesn’t give a true indication of the market.  This sort of information can leave both buyers and sellers confused and uncertain.   Whether you are a buyer or seller in today’s market, be cognizant of the broader picture and other factors at work.  Median prices regularly rise and fall however the real picture shows a rationale behind every set of figures.

 Earlier this year, the first home buyers market was totally dominant and in the months following there was a strong flow on effect to 2^nd, 3^rd and 4^th tier buyers and then months where there was a shortage of stock for 1^st home buyers.  When studying quarterly data in isolation, the bigger picture is missing.  At Cunninghams, we’re thrilled with our results for this month and the momentum we have achieved this year.  Our results are up by more than 40% on the same time last year and our median price has risen by approximately 10%.  Activity is up, the economy is on the up (unfortunately so are interest rates) and the market is balanced.  Ride out the bumps and look at the bigger picture – we have done this for a long time and haven’t been proven wrong yet.

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.

Cunninghams Property are  proud to announce our sponsorship of the Manly Festival of Surfing. 

This event to run in the first week of November will feature a vast array of surfing events.   If you are intersted in this event you will find full details here. 

Our very own World Tour Champion Surfer Kingsley Looker will feature in the Legends of Surfing exhibition on the Sunday so get down to the beach and cheer him on.  

Cunninghams Property welcomes the opportunity to be involved in our local Northern Beaches community. 

Manly Festival of Surfing