Smart Buyers Move In

69 Portman Street, Zetland

Property sold for $1,840,000

$15,000 more than the highest bid at auction

The last 14 days in Australia will no doubt create a historical event when we look back and reflect on the events that have led to the coronavirus and the threat of a contagion throughout the whole planet.

There is no doubt that the media has exacerbate the situation but - in any instance - when the Federal Government decides to shut down the country it will most definitely have an economic impact.

The fear is out there because it is real and on the evidence of what is happening in Italy and Spain at the moment, where death tolls are rising in the 10’s of 1000’s, this is a serious threat to all of our livelihood. We can feel confident in Australia, at the moment, our death toll is 8 with approx. 2,000 people carrying the virus and rising at an increasingly fast rate.

How does this all effect real estate?  It effects confidence.  People who haven’t got a job and their ability to repay back a loan. It also effects the restrictions of moving around and looking at property.

We are very fortunate at NGFarah that we are selling properties in some of the best parts of Australia and the globe. Areas like Coogee, Bondi, Randwick, Bronte, Kensington and Maroubra have a massive pent up demand of buyers at any one time, especially freestanding homes, semis and older style apartments. So whilst this event has taken Australia by storm, at NGFarah we are still selling properties because the smart buyers are taking advantage of any confidence slip in the market, and also whilst families are focusing on the media and schools closing, they are not really focusing on properties.

Last week we sold over $10M worth of property, including a property in Coogee for well over $5M. This week we have sold $10M of property and are very close on a $5M house on Randwick. We call it the smart money - the smart money knows when to buy.

Ultimately, Real Estate is a long-term investment and the hold has to be a minimum of 5 years for it to be viable. At NGFarah, we are conducting our viewings by private appointment - which will give buyers the confidence of adhering to new laws of social distancing and keeping everyone safe.

We believe that wherever there is a negative, there is a positive connected to it and at least the environment will have a chance to breathe.  We can now appreciate our fantastic country plus the freedom and choices it provides and ultimately be grateful for all of that.