SCOOP Term 4 2016

R&W DOUBLE BAY
DATE MARKET WRAP UP
by James Dunn R&W Double Bay
Most people think real estate is just
about “people and property” and true
it is, but it is also about the greater
dream, the plans you have, the decisions
you make, where you send your
children to school, Double Bay Public
of course, and so many more situations
that will become apparent long after
you put the deposit down on either
your first home, investment or maybe
your retirement solution.
The decisions you make as to where
you live will impact your life in every
way. Questions like, where will I send
my children to school? Will I be able to
afford to buy a larger home one day in
the area I choose to buy my first apartment?
Will I long term want to stay in
the area, will I eventually move to a
lifestyle choice, to sea change or tree
change? When you first start out it’s
difficult to even contemplate that these
questions will form a major factor in
how your real estate choices will affect
your life, but it most definitely will.
Who would have thought that we
would be having the conversations
around the baby boomers being the
ones who will be the last to own significant
real estate holdings? That they,
the baby boomers were being told that
they should consider selling their family
homes to free up the market for the
younger ones, so the affordability of
buying the great Australian dream becomes
a reality. Interesting.
Did you image ten years ago, five years
or even a year ago we would be talking
about a sale of a one bedroom apartment
on a busy road, with no parking
selling for $1.510 million. Wow! But
I bet the owners who sold it probably
thought at the time they bought, it was
a lot of money then too.
This is the new reality, and though it
is easy to be despondent and worry
that we or our children may not
have the opportunity to buy, the
key is to just jump in. Most people
struggle when they first take on a
mortgage, most people have to cut
back on their usual lifestyle choices,
I did, I know my contemporaries did,
I know my parents did, my grandparents
did. So will our children. If
you can help them out great, but
the best help you can give them is
to save, save, save, jump in and buy
that studio apartment, or buy something
with a friend, siblings, but buy
something.
In years to come, like me and my
wife, my parents and their parents
before them, they will look back and
think, wow, that was a big risk and
a lot of money, but they will have
made a significant choice as to how
their life will be.
R&W
If you are a home owner, think back
to how you felt with your first purchase
and how it seemed and insurmountable
commitment, but really
how long did it take before the price
was forgotten over lifestyle choice?
And what a lifestyle choice, the eastern
suburbs in Sydney, yes it is the higher
end of the real estate spectrum, but
there is so much to choose from and so
much opportunity, minutes to beaches,
the harbour, the city, we are blessed to
live here, but it’s all in the planning, and
a goal without a plan is simply a wish.
Got you thinking for those New Year’s
resolutions, let ushelp you? Richardson
& Wrench Double Bay have been operating
in the eastern suburbs since the
1960’s, we know the area better than
most, we love what we do and we are
here to guide, to advise, to help you
and your family achieve their real estate
dreams.
This is not my usual real estate market
report, but rather an opportunity to
express to you what this means to me
and the company, to be involved in the
school and the community. Thank you.
Thank you to everyone in the Double
Bay School, we have enjoyed being part
of the school community for over ten
years and look forward to our continued
involvement.
Till next year from all of us here at R&W
Double Bay, have a wonderful festive
season, stay safe, stay happy.