If you needed any more proof that we live in volatile times, you need look no further than the streets of Melbourne during the last weekends of March, 2011. The loudest sound (not counting some itty bitty car race) was every auctioneer’s nightmare: silence.
A year ago, anything that wasn’t condemned (and some which were) had umpteen anxious people reaching for the sky.
Stalemate: People living in AAA houses won’t sell because they worry that if they sell first the available choice will be no choice, people who want to buy won’t put their hands up for less than the quality of the AAA houses those in the AAA houses won’t sell.
[pullquote]… the would-be authorities continue to insist that all is well”[/pullquote]Meanwhile, the would-be authorities continue to insist that all is well (expensive) and can only become more so (outrageous) (so you’d better buy whatever we’ve got now, today, this minute) while the reality remains their dirty little secret: low supply of good real estate is working to keep top-end prices on an even keel – anything which is overly ambitious in price or marginal in quality is destined to remain on offer for a long, long, long time.
Next test? The first two weekends of April, before school hols and Easter put all back to sleep.
Blips …
- 266 Danks Street, Middle Park. A substantial house on about 1300 square metres. Sold for slightly less than $7.5 million.
- 26 Chaucer Crescent, Canterbury, where autumn leaves fall, sold for $2.6 million
- 367 Beaconsfield Parade, St Kilda West, Victorian mansion, sits at $4.95 million and is again looking for a new owner
To watch …
- 11 Grosvenor Court, Toorak
- 2 Iona Avenue, Toorak
- 19 Huntingfield Road, Toorak
- 4 Weeroona Avenue, Portsea. “Corsair” on Fishermans Beach. Includes a boatshed+ and with plain old vanilla boatsheds now selling for over half a million and cliff-top Portsea being actively pursued by those with $8 million plus, it will be one to watch.
Doldrums …
A number of Victorian mansions are languishing quietly off-market in Kew. Prices? Over $8 million. It will be interesting to see how long it takes for some people to show some interest.
Alliteration …
Procrastination, prevarication, agents’ protestation, unsold accumulation – all current features of the market while determination and stabilisation give buyers the upper hand.
Goss …
$3.4 million taken and run with for a substantial Richmond house – seller was a local TV personality who now calls Hollywood home.
Revelation …
Agent reports a new set of skills is now being employed to put deals to bed. It is called t.h.i.n.k.i.n.g. Thinking! Who woulda thunk it?
Christopher Koren
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Bayside: Damian should return next week.