As I move around the city of Sydney from meeting to meeting, all report that small and medium size businesses in my clientelle are ticking over nicely but directors and managers are nervously sniffing the breeze to assess what kind of economy unfolds. The brief excitement in the spring residential market seems to have subsided with fewer sales going through conveyancers. And of course, the big end of town is content with funds raised in the rights issues and the outcome of the stimulus package despite volatile share prices and shareholders sniping at directors remuneration in recent round of AGMs.
I suspect that assets will reach their true value early in the new year at somewhat lower levels despite what the share market may do in the coming months.
Business is ticking over nicely but residential property slows & asset values uncertain
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