The news. Quick!
3 markets emerge:
- $5 million + Slow, thoughtful
- $2.5-5 million Same 5 hands a-waving, week in, week out
- $2.5 million – Free-for-all
Hyperactivity fed by underquoting:
- It’s on again, led by a culprit agency which is dragging all the others down and causing wanton pain among buyers. Telling the innocents that a property will sell for mid- high-2’s when land value and result say high 3’s is short-term reputation destruction. Long-term? Greater regulation. Long term? Shot-in-foot.
Stock levels?
- Not a lot of quality about.
Over-quote of the year?
- $12 million for 5,000 sq ft in Albert Park? Who are you trying to kid?
Pot + kettle:
- Agents complaining other agents are using dummy bidders. (Wow!) (Who woulda thought?) Poetic justice: Somebody just bought a friend’s house. (Whoops.)
Trends:
- Internet only — marketing costs down
- Off-market — privacy up
David Morrell
Bayside: New lean news
Fewer, briefer, is better. And if there’s nothing unusual, no report.
Bayside over the weekend? Nothing unusual.
Damian Taylor