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Steady as she goes, the market is ok

Santa is everywhere so I thought I might as well get in on the act and also put in my Christmas wish list. My main wish would be for 2011 to be slightly more predictable. Post GFC I thought 2010 would be a ‘steady as she goes’ kind of year but it’s unfolded that interest rates and politics not to mention property prices, the weather and now The Ashes have all proved difficult to call.

Predictable might sound a little boring but the reality is boring isn’t a bad thing in the context of buying and selling property. Income security and budget consistency are crucial foundations for people considering investing in property.  As such I anticipate rental returns will continue to rise in the new year and I expect an increasing level of confidence in the property market.

Why? Well for one the good news is that in 2011 at least the domestic political scene shouldn’t throw up anywhere near the level of drama we have seen in the last 12 months. I don’t think many people would dispute that a change in NSW State politics will not come as a surprise. So even the March election looks predictable and that’s positive.

In terms of that election I’d be interested to find our exactly where Barry O’Farrell and the Liberal Party stand on the issue of the Barangaroo development.  I’ve read the Party has commissioned reports recommending Darling Harbour as the best option for new convention centre facilities but I haven’t been able to work out what that means for the Barangaroo plans.

One thing I am prepared to predict is that the Pyrmont precinct will remain ‘the place to be’ in 2011 and into the future.  All signs point to the area around Darling Harbour and Jacksons Landing further developing into a hub of business, tourism and entertainment facilities.  So after I post this Christmas wish letter to Santa I will sit back down in the Morton & Morton office in Pyrmont Bay and get to work granting some wishes of my own - matching buyers to sellers of the premium Pyrmont properties we have on our books.