In my last blog before Christmas I said real estate agents are not fortune tellers. Well this week I’m going to try my hand at exactly that and attempt to outline my vision for the real estate market in 2011.
Morton & Morton has had a cracking start to 2011 with the sale of a $6.35 million dollar property in Pyrmont and keen interest in all our open for inspections. This follows a much stronger than expected final quarter for 2010.
That might appear to fly in the face of the prediction by APM Senior Economist Andrew Wilson on DomainTV (great new initiative!) that on the back of a poor December it will be a slow start to the year. However I don’t disagree with his analysis. We’re certainly not getting carried away just yet.
The sales achieved by Morton & Morton are exciting but they have been the culmination of significant negotiations based on some very long held client relationships. The Pyrmont sale is undeniably a great way to generate motivation at the start of the year but it wasn’t like someone walked in off the street and bought it.
So I think the 2011 year is looking promising for real estate but it won’t be an easy ride. We’ll need to continue to work hard to find the right buyers and negotiate the best price.