We’re back to lack of choice, leavened by an occasional outbreak of the erratic.
For many patients the best we can counsel is … patience (sorry). Have a cup of tea and an aspirin and a nice lie down until the impatience passes.
Or risk an outbreak of the irrational, as seen at 19 Grange Road, Kew last week.
It went for a rumoured $10 million, well prior to its expressions of interest deadline.
An agent pouncing on an anxious punter. The agent had done the ring-around and knew that no other offer was likely to come within a million of the one he had.
Presumably the buyer wasn’t too fussed, but a million here and a million there can start to add up to real money (with apologies to you, Everett Dirkson).
The Threat Of OS
Real estate loves a rumour and the biggie going around at the moment (and being picked up in the media) is that overseas buyers are picking the eyes out of top end properties for sale.
Yes. They’re there. But are they buying?
From what we’ve seen, the answer is very rarely. Offers are made but no contracts are seen. The main effect seems to be in the hands of agents who use them as a tool to push up local buyers.
Job done, the homes then fall to locals or expats.
How Recent Is Recent?
“We sold three homes for around $10 million each recently. It’s booming and we’re hot, hot, hot.”
Look under the hood and you’ll see that “recently” is as long as two months ago. Hardly the sign of a market (or agency) about to set new records.
And then …
Last week we assisted a client into a home for considerably less than it was quoted at two months ago. With booms like that, who needs a bust?
Offer made. Vendor won’t budge.
Agent hides. Won’t return calls.
New agent appointed. Old price retained.
We’re betting it won’t sell before Christmas.
There are noises that Spring will be active.
Could be. But most of what we’re hearing is off-market.