I have a respected casual friend, an RE agent, I caught up with at a xmas function this week...her spouse is in the same profession as I (its not real estate)
she has done it hard all year...but she told me, suddenly in the past 2 weeks she has sold so much property, props in excess of 3 mill, and 2 mill, 1 million, and just below.. the above million props had been on the market for over a year, or the big one 2 years...the smaller ones 6 months...
and the fhb's, are now scrambling, making offers, to get the established homes, to get the stamp duty concessions, that expire in nsw at dec 31.2011...after that date, in nsw, stamp duty concessions only apply to new homes... on a fhb price of 250k, the saving is almost $8000
she said, the sellers have been holding firm on the prices, no discounts, and the buyers are meeting those prices she focuses on the high end, executive market...not the fhb market... I will have to 'pick her mind' further to find out if it is asian buyers.....or are they coal seam gas type properties.... does this spoil your bubble theory ????
needless to say the homes in the area for fhb's, are around the 250-300k mark the million dollar props are not fhb's, and there is no incentive for stamp duty relief... we both agree, the .25% discount on loans was not the reason for the sudden activity
she doubts the lawyers will be able to get the paperwork done in time she said some sellers had removed their props from the market....they are no longer for sale... a change of sentiment no doubt we shall see, there are groups who check the actual sales, confirmed from the transfer of title deeds on sale...who report on a regular basis
