T.E.T.

While it was reported investors would hold back on the weekend, they clearly were not reading the newspapers. World equity markets were in turmoil and Melbourne’s upper-end residential market did not skip a beat. If anything, it rose to new heights. Yes, people still want to buy better houses and they’re voting with their cheque […]

There is a glimmer of light at the end of the tunnel ? We are at last starting to see some good properties come onto the market. Only a few, but at least there is something to contemplate. Big news this week was the sale of Stonnington Mansion to Rob Menzies for $18 million. Yes,

The lack of choice continues to pump up prices. With the Spring market just around the corner, properties which have been languishing on the market for many months are now selling, even when vendors’ expectations were initially well in front of real market value. An example is 35 Avoca Street in South Yarra which went

The constant lack of supply seems to be changing buyers’ perceptions. We have noticed over the past few months the increased interest in land being shown by our clients and the market generally. This may have been brought about by the outrageously rising costs of renovating. It can be easier and more cost efficient to

The pickings are still very slim? The weekend?s results again showed a strong degree of buyer frustration. The lack of choice is still driving prices higher and there are concerns that August/September Spring fever isn?t going to come anywhere near meeting even current levels of demand. We have spoken off the record with many of

School Holidays!!!!! The cupboard is bare, the offerings few and far between. Most of the action has been off market in the last week. In fact, we secured three properties prior to auction over the last few days. (We do this when we can; it avoids some of the outrageous bidding that has become an

What a crazy weekend! Clearly some vendor?s expectations are getting ahead of themselves. 4 Scotsburn Avenue, Toorak, was a classic example of an over-ambitious vendor who paid $2.3 million for the property three years ago, saw a genuine bid on Saturday of $4 million made a vendor bid of $4.5 million and held to a

Proof of how quickly the market has moved ? 5 Berenice Terrace, Toorak, sold less than six months ago for $2.4 million, sold again on Saturday for $3,450,000 – a $950,000 gain on land and a record $508 per foot. This is ?B Grade? Toorak, not St Georges or Albany Road and that kind of

Any signs of the top end cooling? Regrettably not, however there was one glimmer of hope – 39 Kinkora Road, Hawthorn; a thumping big 2-storey grand Victorian on 13,500 square fee. Exactly what the market has a huge appetite for (it did have a poorly set up kitchen, however). The house was passed in at

Queen’s birthday weekend is a quiet time at the top end of the real estate market. We’ll be back next week.