And so we begin, as every year, on the cliff-tops of Sorrento and Portsea.
Ilyuka, anyone? $28 million and the new owner is visible from the moon (watch the movie); but that was the exception. The rest of the cliff-top (forgive this) fell off the cliff.
Last summer two cliff-toppers went for auction with $6 million expectations and each had multiple bidders who took them past $8.5 million. This year, the flip side: The Sisters had hopes of seven numbers beginning with an eight and went a month later for a little over a six; a result near-replicated in a two-bidder auction further along the coast.
[pullquote] … back in town it’s more like 2010 (cont’d). Little choice, less quality.”[/pullquote]The rest of the holiday market? Think of a flat tyre.
And so 2011 is getting underway, but back in town it’s more like 2010 (cont’d). Little choice, less quality.
What’s also missing? Confidence. Sellers who won’t commit because they fear failure and buyers who won’t come to the party now because they fear that the market will go into decline around them. And the gloom is catching. You can see it in the agents’ eyes.
But …
Where there is quality – the one-in-twenty property – there’s no holding back. Off-market deals are being done in 24 hours … with no discounts.
Saturday?
Little quality, less choice and no real clue as to what the rest of the year may bring. Typically, properties passed in or sold to single bidders.
And then there are those who cannot help themselves. Those highest bidders who had properties passed in to them and rushed inside and agreed to a price that very same day – that’s not so much being taken to the cleaners as inviting them in. Who is advising these people? Would they go to court without a lawyer?
And then, the sideshows.
And now … for the heavyweight championship of the nature-strip…
A certain party from Marshall White vs. a contender from RT Edgar. A no-rounds stoush to decide who represents a buyer who was rumoured to be locked inside while the agents sorted things out.
Pardon? Agents arguing over who “owns” a buyer? Aren’t they supposed to be representing vendors?
Is this a taste of what’s to come? Little to sell and few to buy it adding fuel to the fires of agents’ competition? Could there be a reality show in this?
Enough.
We’ve had floods, fires and cyclones and now democracy may be breaking out in the Middle East while China waltzes with inflation. Should be an interesting year.
David Morrell
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Bayside: Damian’s report held over
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Real estate agencies’ ads misled buyers
Buyers advocate David Morrell said those penalties were too weak and did nothing to tackle a ”rampant problem” in the industry … The Age
Buyers’ market in Boroondara
David Morrell, of Morrell and Koren, said there were a lot of home owners
who had to sell. But he predicted early next year was going to be even
better for … Melbourne Leader