I read a newspaper report quoting local agents as saying the beach-side market is seeing increased activity with properties on the market for weeks instead of months and some for only a few days before being sold.

What can explain this?

More people in trouble.  Selling their homes themselves before the Bank forces them.

Some folks deciding that this IS the bottom of the market and diving in. (Silly people)

Mortgagee-in-possession sales.

I decided to research a beach side area I used to live in.  Mermaid Beach is a lovely spot.  Close to everything, great stretches of beach, and also the site of the craziness that saw Hedges Avenue beachfront property quadruple in price in just a few years.

Now it’s called “Half Price Hedges” for good reason.

Beach-front price rises didn’t flow on in full to the adjoining beach-side properties but there was, nevertheless, a substantial upswing in prices achieved.

I’m going to quote prices from 8 properties sold May to October this year with their previous sale prices back to 2001 (if applicable)

23 Arthur       August 2001             $625,000.00

July 2006                   $1,140,000.00

November 2006        $1,200,000.00 (not a good deal)

January 2008           $1,350,000.00 (not spectacular either)

March 2012               $1,200,000.00 (ouch)

October 2012            $1,110,000.00 (also ouch)


27 Arthur       February 2003          $1,435,000.00

October 2011            $1,455,000.00 (mmm)

September 2012       $1,285,000.00 (that’s an expensive 9 months)


22 Petrel        April 2001                  $385,000.00

December 2006        $920,000.00 (great timing and may include a renovation)

September 2012       $700,000.00 (big ouch)


98 Hedges     January 2004           $2,050,000.00

August 2012             $1,830,000.00


23 Hilda         July 2004                   $1,125,000.00

June 2008                 $2,000,000.00 (great timing again)

July 2012                   $1,400.000.00 (oooooooo!)


9 Ventura      February 2006          $1,350,000.00

July 2009                   $1,230,000.00

June 2012                 $825,000.00 (Wow)


8 Ocean         April 2005                  $1,486,000.00

May 2012                   $950,000.00 (breath taking)


88 Petrel        April 2005                  $543,750.00

June 2006                 $838,500.00 (includes a renovation I believe)

December 2007        $1,280,000.00

May 2012                   $700,000.00

2 thoughts on “MERMAID MARKET

  1. Still struggling with formatting!

  2. David says:

    Hope they do go down heaps more because I might actually be able to afford to buy a property. Dropping prices are not always bad news for everyone, only the poor suckers who were conned by some fast talking real estate sales bullshit artist.

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