Economics 101 – More Buyers Than Sellers

By Todd Alexander

THE number one agent in Australia’s biggest property group, Gavin Rubinstein, says buyer demand is still outweighing supply in the Eastern Suburbs.

From an agent who is at the coalface of the property market with listings on his books ranging from $25 million to $1.5 million , his helicopter view of all price points in the blue chip pocket was very positive about the market.

“We have just traded through an unprecedented five year period of enormous growth, and we are still up. We are in a good market and people may not be making 60-70 per cent but they are certainly still making 40-50 per cent. That’s still a good return,” Mr Rubinstein said.

“The urgency is not in the marketplace like it was 6-12 months ago but there is definitely good buyer activity and if buyers can see value then they will move forward and purchase.

He cited 37 Lancaster Road and 138 Victoria Road as two properties that recently sold off market for $8 million each and both buyers were underbidders on other properties he had sold.

“So while the media keeps talking the market down, supply and demand are still the most basic of this equation and overall there is more demand than supply – and that’s a fact.”

On Saturday Mr Rubinstein showed $70 million worth of property across 12 open for inspections with “action on everything”.

This Thursday night, he takes five of those homes to auction with confidence.

There has been great interest in the Queen of the Turf Angela Belle McSweeney’s home at 6A Tivoli Ave, Rose Bay and a block of 8 units in the heart of Bondi Junction being sold in one line.

He will also auction 10 Drumalbyn Road Bellevue Hill32 Beaumont Street Rose Bay, 3/2A Wallaroy Crescent, Double Bay and 27 Roberts St, Rose Bay.

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