Lowenomics backfire
“He’s raising interest rates to reduce demand and inflation.”
That’s not working where we live. At the low end it might be moderating prices while it’s terrifying people with mortgages, but if you look up in Salubria it’s killing supply. All the doom talk is persuading owners to stay put and when enough owners stay put, only death, divorce or downsizing persuades anyone to move. That leaves the desperate and dateless with so little choice and having to go way over the top to buy.
Desperation Rules
3 Macquarie Road Toorak A failed EOI in the mid-20s in November leads to…
$29m in March?
Really?
How desperate must a buyer be?
14 Hanover Street, Fitzroy. Miles from Salubria and 1,000 steps down the ladder. Quoted at $2m—$2.1m. On the market at $2.42m and sold at $600k more than it’s worth: $3.05m
22 Birdwood Avenue, Brighton. Offered late last year at $5—$5.6m. No love. Placed online at $5.4—$5.48. Sold at $6.65m.
$6.56m??? Is there something in the water in Brighton?
174 New Street, Brighton set a record at $4,615,000 last July. Just bought by the first person to take a look for $5,225,000.
Heady stuff, Brighton water.
Brighton follies (the series)
26 Bay Street, Brighton. Vendor advocate arranges multi-list in August: $9.5—$10.2m.
No joy.
Two more failed campaigns. No joy. No joy.
Following revised hopes of $7.6m, finally sells for $7.3m.
The Lowe Effect? Or a vendor advocate out of his depth? (Is a fee refund out of the question?)
Malvern, Minute By Minute
Home 1.
Minute 1 Price: $7m
Wait a minute.
Minute 2 Price: $8.75m
Home 2.
“$6m will get you in the door.”
Wait 30 minutes.
“We’re now asking $7m.”
Inflation is inflation, but this is insane. Is no-one doing their homework?
You what?
“Mate I didn’t know you were selling, are you okay?”
“I’m not selling. Whatever gave you that idea?”
“There’s this agent. Offered me your house. Says they have an exclusive authority.”
“They’re out of their minds.”
What is in their minds is to unearth a buyer, then call on the owner: “We’ve got an exclusive offer for you.”
Desperation, thy name is a Toorak agent who is a serial offender.
25 Agents at an auction…
Really. 25 strutters in a crowd of 60, each desperate to reek of greater success than all the other strutters on that street. All having not a whiff of stock to show.
25 agents! Imagine! 25 agents!
Quack.
There are agents who call them wood ducks. Wood ducks lure the unwary until they’re within range.
Wood ducks are would-be sellers, won with agents’ baits of ludicrous prices.
Giving agents listings. And marketing campaigns. And raised profiles.
And the wood ducks pay for it all.
There’s a sale? That’s not the point.
And the lesson is…
The mantra used to be position, position, position.
In times of the stock shortage, consider patience, patience, patience.