There are no distressed sellers only distressed buyers

Today, we went to Mosman and initially wanted to look at 6-8 properties. Today ended up being a surprisingly interesting day.

Let's get the bad news out of the way. Two of the houses we went to were sold on Friday/Saturday and were not open. One of them recently cut its asking price by 10%. The other one looked like a decent property on the web and the asking price was not cheap but fair. Forget what people tell you, just work on the assumption that there are lots of people with firepower out there. We also went to another new opening. People were literally queueing to get inside. The property culture is alive and well. 

The good news is maybe there is a credit crunch brewing..We went to this auction but found out it was called off because, according to the agent, several interested parties could not line up financing before the auction. Take it with a grain of salt of course.

Also saw an article in the Mosman Daily talking about people from the Eastern Suburb looking around in LNS, driven by the rumour of distressed sellers in LNS. Personally, thought it was an example of selective sampling. If you are a journo and you obtain a story based on interviewing 2 or 3 folks, journalism is indeed an easy job. While I have no doubt the migration up north may be happening, one wonders if there are no distressed bankers in the Eastern Suburbs ? Another point is do people bother to think at all ? There may well be distressed sellers out there. However, let's think about when did corporations start reducing their workforce last year ?

In summary, nothing is ever easy. Be patience and do the hard yards......