There’s been talk talk talk of real estate falling off a cliff and while that’s been true in the lower reaches, there’s little evidence the same is true at the top (the real difficulties are of a different kind — we’ll get to those).
That hasn’t stopped a few top end mountaineers creating cliffs of their own and then executing some mesmerising swan dives.
Glen Iris. Buyer A puts up hand at $9m. Can’t settle. Buyer B found at $8,050,000. Buyer A writes cheque for $950k to have contract torn up (no stamp duty?). Still not quite settled.
South Yarra. Bought and sold in 18 months and burnt $1m along the way.
Falling market? No. They over-paid hugely in the first place.
Not Crashing, Wobbling
Good homes are still selling at the top end. What’s distorting the view are all the unsettling events surrounding the market rather than the market itself.
Political uncertainty leads to seller uncertainty. Seller uncertainty leads to fewer people selling.
Pollies abandoning careers are not signalling confidence.
There’s a rocky dollar. China is rumbling.
All that and more. You know all that.
Put yourself in the place of someone thinking of upsizing, downsizing or simply moving and the question turns to … where?
There’s too little where there.
And even when there’s a where, buyers are also uncertain. Recent auctions around 8 figures have been echoing to the sound of the VB and that’s not beer.
One bank anticipating rate cuts in August and November.
Agent running EOI runs up white flag and is advertising home will still be open for inspection after the EOI deadline has passed.
One agent “selling” to a Chinese national with a settlement period long enough to allow time for him to score a visa (is that even legal?).
And those old stayers which, even in the worst stock shortage since forever, still cling unloved to the shelf. Stuck there, notably, by one agent who must be wondering whether archeology is his true calling.
Beneath The Radar?
Us? You may think we are behind some notable recent purchases, but we could not possibly comment.