What would you do if you were a buyer ?

Richardson and Wrench (Mosman) maintains a blog (www.rwm.com.au). In its latest blog, the blog provided some data about the Mosman property market.

Number of transactions nearly halved between 2007-2008. Both median ($2.4M) and average price ($3M to $2.9M) crept down a bit but nothing especially alarming. In the last 3 months of the year, 14 houses were sold in Oct, 12 in Nov and 9 in Dec.

The blog also estimates that there are 4900 houses in Mosman and, in strong strong markets, 10% of houses would turn over. The agent is sort of bullish by arguing that there will not be a lot of new listings this year. In addition, the agent further notes that RWM has not been asked bythe  banks to value a lot of distressed properties.

Looking at Real Estate.com, there are currently 171 houses on the market, mostly left over listings from 2008. Imagine, if you have the regular number of new listings in 1H 09, how many houses would be for sale in Mosman ?

Draw your own conclusion (and good luck)....