Easter came, Easter went and suddenly it was like the drinks were on the house in the pub with no beer.
The bar was chokkas. Where the choice had been a couple of tired lemons, there was at last reason for some excitement.
At $4-5 million, for instance, there were seven on offer: two AAA’s will be causes for celebration while the B’s and C’s will learn to be patient.
Reversion to habit
Under-quoting. It’s all on again (even if those charged with preventing it can’t see a problem that any buyer who has been in the market for more than 30 seconds will tell you is rampant):
- “We’ve got interest at…” Yes. You would. That would be giving it away.
- “… anywhere between $3 and $4 million.” (Hawthorn) Think closer to $4.5 million — and, even in your own quote, if you can’t get closer than a 25% spread you really should be doing something else.
- “$1.4 million.” (Armadale). Well, the consensus in the queue outside is over $2 million and we know who to believe.
Where spin doesn’t rule
In the world of off-market and truly high-end, games are played differently. The players know value so there’s little spin around price. Where it gets interesting is in the three-card games around process. EOI’s with moving finish lines have become a popular Winter game.
Asleep at the wheel
$20 million plus. A potential buyer (not our client, but may be soon) wants to take a second look and the agent’s PA gets back with the news that the agent is too busy and “might” get in touch a week later.
Vendor’s apoplexy yet to be recorded.
Flying sq m
Top end penthouses — both established and off-the-plan are in danger of pricing themselves out of the game.
$12,000/metre was, not so long ago, more than enough. Now we’re hearing of fishing trips at $17-20,000.
No harbour view. No SYD show.
It’s getting out of line with some great bragging rights much closer to the ground.
And there’s a long way to fall.