“Where the top end leads, the rest follows.”
It’s been the way for 30 years. And with a vengeance since Christmas.
But how high can it go? There are endless theories, but we’re running out of precedents. We’re now flying well above the fundamentals and up here there are no track records.
On one hand it’s very hard to justify many of the prices being paid, on the other there’s a real fear that if it continues past Easter there will be a lot of buyers left struggling to keep up.
The bear pit is between $5 and $8m, close to schools, locals vs. internationals.
Over $10m is the land of much mutter, less action. The desire is there but the houses are not. Those who are living in them are choosing to stay rather than risk a trip in unchartered waters. Drive the leafy streets and count the renovations — those who have are mostly holding.
There’s no doubt that it has to end. All booms do. The real question is: Will it be with a bang or a whimper?
Exit The Phantom
We’ve seen a thousand dummy bids before, but…
Agent in conjunction says he has a bid. Auctioneer raises an eyebrow.
“He was here a minute ago. He’s just driven away.”
You. Are. Kidding.
It’s another symptom of a chaotically rising market. The agents’ games become more and more bizarre just because they can.
Consumer Affairs Victoria? There’s a job over here.
The bunny is nearly on us. It’s time for a cup of tea, a Bex and a good lie down.