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Wow! The Cove is #1 in the real-estate boom. Really?

Hope flies high?dougkTue, 16/06/2015 - 1:29pm

Move over Mr Lee. North Arm Cove is #1 now!
We always knew North Arm Cove was a top place to live. Great views. A caring community.
Yet in the discussion at last Saturday's Residents meeting on dropping property values in the Cove it seems we got it completely wrong. One hundred and eighty degrees wrong. 
Murdoch newspapers have had the numbers crunched. They've searched for the town or suburb that has had the most solid growth in price over the past ten years.

And yes, it is us! North Arm Cove. We're #1. Our own little village. Wow. It's there in black and white in a mainstream newspaper so it must be right. Who would have thought it?

Mr Abbott recently said in Parliament “As someone who, along with the bank, owns a house in Sydney I do hope our housing prices are increasing”. Mr Abbott, you should have bought in the Cove.

Apparently, according to News Ltd and CoreLogic who did the sums, we have experienced a 31.1% year-on-year growth over the ten years. With a current median price of just $380,000 that would mean (according to my calculations) that the median back in 2005 must have been a little under $25,500. How did we all miss those bargains back then?

So what if the Valuer General thinks our land values have halved in that time. What would he/she know?

Hey Mr Abbott, my bubble of hope is simply bursting.
Oops. Yes. Splat. It has burst. All that is left now is an anticlimactic puddle of disappointment.

News Limited have crunched those numbers so hard that all the meaning got squeezed out. The GIGO principle has been hard at work. Garbage in, garbage out. They must have included non-urban land sales in their figures for ten years ago and omitted them from this year. They've compared onions with apples and it has all ended in tears.

North Arm Cove may not, after all, be #1 in terms of growth in prices - but we are still #1 in so many other ways. Aren't we?

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Good Heavens! How appropriate is the flying pig graphic on your article Doug! It all goes to support the old adage that statistics can be used to prove anything. I just checked the real estate website which states that there are 49 properties for sale in NAC at the moment ( I assume that the site is up-to-date, and that it includes non-urban land), so I anticipate a great surge of investment purchases by those who want maximum return on their money. I wish them luck!

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