No. Not the pizza. The top end real estate market.
Too few properties, too many cashed up buyers, too much frustration. One high which leads to the next. The Domino Effect.
Vista Grove sold before auction for $8m when last year they couldn’t get $7m. The buyer? An also-ran at a land auction that went through the roof last weekend.
Result? Expectations up, all ’round.
12 Banato Grove Four families buying for their kids. Sails $2m past reserve to sell at $6.74m.
Result? Expectations up, all ’round.
68 Avoca Street Land. Screams past its reserve of $5.5m and sells at $7.11m. At $1,150/sq ft, that’s a record for land east of Punt Road (last year it would have struggled to $800/ft—but the neighbour bought it, so there may be Plans).
Result? Expectations up, all ’round.
Kent Court. Quietly. All of three bedrooms and all of $8.5m. Yes, you may wish to read that again.
Result? Every seller within earshot starts counting up an imagined 30% more than last week.
And then …
12 Scotsburn Grove Not a peep. Not a bidder in sight. Reality check?
Meaning?
Our guess is that there will be a little more choice out there in April — but no greater crowds of buyers. The frenzy may calm a little.
Here’s hoping.