Introduction
Hello everyone, Dawu here. Welcome to today's show. I want to share some thoughts and market observations, including a look back at a personal milestone and a review of recent real estate transactions.
Personal Reflections
Rediscovering an Old Suit
I stumbled upon my first suit, bought 20 years ago during my time abroad. I was happy to find it still fits well, suggesting my physique hasn't changed significantly. I've been exercising.
The Importance of Self-Discipline
I recall a saying: "Relaxation is instinct, self-discipline is practice." Maintaining a healthy lifestyle requires dedication. I often encourage my wife to exercise, emphasizing that it hinges on both interest and strong conviction, especially when facing challenges like bad weather or early mornings.
Market Analysis
New Inflation Rate
Last week's new inflation rate was 71%. While a positive number, I don't believe it directly caused the market decline. Previous instances of inflation rates exceeding 70%, such as in February of this year and July 2024, have often coincided with positive market performance, suggesting potential market growth. However, the market still appears to favor buyers slightly.
Recent Sales
The two transactions that stood out to me involved relatively large orders.
Buena Vista, Mossman
The first property is located at No. 4 Buena Vista, Mossman, in Cleveland Garden. Initially priced at $2.45 million, I considered it a bit high given the property's condition. Despite this, it sold for nearly $20 million last week.
North Bridge Waterfront
The second property is on the North Bridge waterfront. It was previously offered off-market at $20 million, which I felt was an exaggeration. It sold last week for approximately $14 million.
Off-Market Considerations
Currently, the off-market approach may not be as effective. Some sellers have unrealistic price expectations and are hesitant to accept the current market conditions, hoping to "cut the leek" (sell at inflated prices). Listing these properties can sometimes help owners accept reality. Going off-market might mean paying a premium.
Notable Property Sales
I want to share three interesting property sales from last week.
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Kilara (North Sydney): A single-story house with 5 bedrooms, 3 bathrooms, and 2 parking spaces on 770 square meters of land. It sold for $5.32 million AUD in just 24 days, a significant increase from its 2019 purchase price of $2.3 million AUD. Its location between Springdale and Stanhope, combined with a flat land and a good house, contributed to its popularity.
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Crows Nest (Below Weixin): This property, with a total area of 228 square meters (151 inside) and 3 rooms, 2 bathrooms, and 2 parking spaces, sold for $4,155,000 AUD in just 12 days. It was purchased in 2011 for $1,035,000 AUD. Located on Burlington Street, known as one of the top streets in Crows Nest due to its proximity to the shopping area. A key advantage is its terrace and semi-terrace layout.
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North Bridge (North of Xinjiang): This 764 square meter property sold for $6.1 million AUD in 27 days. It generated significant buzz, with 23 registered bidders, far exceeding the agent's previous experience of 11. The house's base price was $4.75 million AUD, with an initial auction price of $5.3 million AUD. The final selling price was considered exaggerated.
Concluding Thoughts
It’s almost June, with potential market changes expected in July. The North Bridge property serves as a reminder that in a hot market, it's often too late to participate. I prefer to avoid bidding wars and seek out properties that others might overlook. Buying something that others don’t appreciate can lead to profitable investments. Thank you for watching, and see you next time.