Chatter in the industry: “What’s going on? Where did they all go?”
Fear in the industry: “Will there even be a Spring market?”
Stalemate. A blip here and there but no real movement. They’ll tell you they’ve seen it all before, but this is different. If they could find the panic button, they’d push it.
Meanwhile they’ll tell friends (not clients) that this is no time to be selling if they don’t need to.
But then we’re back to chickens and eggs…
Is it the buyers who won’t because there’s nothing to buy? Is it the sellers who won’t because there are no buyers?
We’ve seen it all change in no time. First movers move and the stampede starts.
Rule, meet Exception
The story is that buyer interest is as dead as the market. Tell that to the crowds which have trooped through 8 Glyndebourne Avenue, Toorak.
And then came Saturday and it went not once, not twice, not at all, to one lonely raised hand (but it did sell post-auction).
$20m+ sleeps in pockets
We know the buyers, local and Asian. They have the money. They’re waiting. And waiting.
Banks that don’t lend
One high profile banker we know wound up going to a broker for a lower top-end home loan. Feel the pain.
The Curse of Linlithgow Rises Again
What is it about that street? So many wallflowers left hanging beyond reason and now this.
11A. The current owners paid $10.5m last August and now it can be all yours for $7.8-$8.5m.
You can get quite a good haircut for the difference.
Pinocchio is lonely now
Toorak’s least loved under-quoter has been left by his equally unloved partner in crime — along with key staff shouting “Abandon!” and jumping ship. When the pickings are lean and the deals hard to come by, rumblings and discontent come to the fore. Pity the innocent bystanders.
What are they thinking?
It’s an agency that doesn’t usually play price games. Then comes 184 Kooyong Road quoted at $4-4.5m
Really? Around $5,000/sqm?
People, that’s what you would expect to pay for a double-fronted weatherboard in Malvern. This is Toorak. This is a good house that’s ready to move in. No wonder over 100 misled citizens came through in half an hour.
How do you spell u.n.d.e.r.q.u.o.t.e.?