Reality has gone on long service leave.
When E. Bunny hopped out of the picture, a whole mess of eggs were left behind.
What’s driving the market?
- Eavesdrop on this:
“I’ve got $15m locked in at 1.7% for four years and my bank’s telling me the market’s going up by 16%. Why wouldn’t I buy?”
When banks start talking like stockbrokers, who needs taxi drivers? (Or weather forecasters for that matter, there’s no cool change in sight.)
- Wealth is the drum that beats loudest at the Top End — and it’s become near-deafening since this time last year.
It’s not just post-lockdown profits, it’s not just equities. That boom you hear is generational wealth and that is primed to keep growing. If you have a hat, hang onto it.
One Agent. One Month. $200m. Really?
Really and truly. One Melbourne agent who chalked up $200m in sales in just one month. And all off-market, because that’s where the market is.
At the top, unreality is everywhere:
- Toorak. $22m. No garden.
- Spec build. $18m. No taste.
- Fulham Ave. $14.25m. Who would have dreamed it a year ago?
- Mernda Road $8.5m. Unloved at $6.5m 18 months ago.
- Modest E. Malvern $7m+ A year ago it would not have been within cooee of that even if you moved it to Toorak.
- Towers Road. $20m. Why?
- Outbreaks of FOMO: Wallflowers withering for years are suddenly sprouting three or four would-be buyers
In a single week, four blocks of land (litmus test material) sold at more than $10k/sq m.
Pants On Fire
Last week: “We have a written offer over $7m. You’ll need to pay more”.
A hot offer, made for the unwary.
This week we bought it for mid-6’s.
Hot markets create hot gossip. Look behind the curtain.
- Two big Melbourne agents have just cashed in their chips. But did they go too early?
- Venerable superstar agency that was top of the ladder season after season is now battling for the wooden spoon. The old rules don’t rule no more.
- Dear under-quoter, we see you. We’re not the only ones. Be afraid.
The Good News
At least 10 significant top end homes are about to hit the market. Snooze and you lose, so be ready to move fast.