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CEO Message
Friday, August 01, 2008
July is undoubtedly the toughest month in the real estate calendar and sales across Sydney reflected that. Yet N G Farah are pleased to announce that the group sold over $20 Million worth of real estate.
The majority of properties that were sold were houses, apartments and semi cottages in the Maroubra, Mascot, Kingsford, Kensington, Eastlakes, Little Bay, Randwick, Coogee and Hillsdale areas. Areas like Hillsdale are performing quite well in terms of the number of people looking to buy.
Suburbs like Little Bay, Malabar and North Maroubra continue to experience high levels of demand for all types of properties.
The credit squeeze in the US is having an effect on lending criteria and that also has effected two of our biggest banks, which puts added pressure on everyone in the market.
It appears that interest rates have finally peaked and all indications from the Reserve Bank is that consumer confidence is at its lowest level in 6 years and retail spending is also right down.
The government will have to cut interest rates as aggressively as they put them up in order to kerb the mindset of a recession, which has already happened throughout the business community. Confidence places a huge role in peoples attitude towards spending.
There is still a strong demand for properties in Sydney and rentals are at an all time high. So more than anything we see a great opportunity for astute buyers to secure some prime coastal and park side properties at realistic price levels.
- Glenn Farah
News Archive
Message from the CEO - 18 Jul 2008We are already listing quality properties for our August auctions, which is the start of the strongest selling ... view article
Message from the CEO - 04 Jul 2008June and July are undoubtedly the quietest months in the real estate calendar. In general terms there are less ... view article
CEO Message - 12 Jun 2008N G Farah May auction clearance rates remained way over the industry average with 30 out of 42 properties sold on ... view article
Message from the CEO - 30 May 2008Last Wednesday 28th June 2008 N G Farah submitted 11 properties to publicauction at the Crowne Plaza Coogee. ... view article