We are living in interesting times.
The sales market has recently declined by the largest margin I’ve seen since I founded Marriott Lane back in 1992 and it’s certain it will fall further over the next year or three. Of course, this is on the back of the longest and strongest increase in prices that we have ever seen. Unfortunately, this will not be of much comfort for those who have purchased a property in Sydney since 2016. A coincidence of multiple factors has resulted in this inevitable situation – the Banks tightening of credit availability, possible changes to the taxing of negative gearing and capital gains, immigration policy uncertainty, low wage inflation, Brexit and the Trump presidency, the impending Stamp Duty diet for the State Government (and possibly policy changes as a consequence) and a couple of elections within the next four months.
It’s going to be a tough time for home sellers and agents, but this is the environment for the good agents to shine. Selling in a falling market is something we have done several times over the past 26 years and we know how to get the best possible result for our clients. It involves getting pricing, marketing, method of sale and negotiation strategy working well in unison. There are always active buyers in any market and we must attract, engage and extract attractive offers from as many as possible.
The other part of Marriott Lane, Property Management, continues to be a real joy. We are on the doorstep of 900 properties under management, after another excellent year of growth. We are seen by our clients, prospects and competitors as the leading agency in the vicinity and rated highest by both Google and Rate My Agent, by significant margins compared to our competitors. The team is committed to reaching the magic number of 1,000 properties by the end of 2019.
I would like to thank everyone for the support you have shown us over the year and especially thank you to all of our my staff for their contribution.
I look forward to seeing you again next year and I wish you and your families a very happy festive season and New Year and safe, prosperous and memorable 2019.