In chaos theory, a butterfly flaps its wings in Brazil and before you know it there’s a tornado in Texas.
This butterfly’s name is Trump. The tornado hit Toorak (via China).
That Was Then
Early this year, AAA Chinese money was flooding in and drowning the locals.
Overnight, that turned to drought and deals were falling apart as far as the eye could see. Deposits left on tables, agents and vendors left wondering where everyone had gone.
There were six instances, just in Toorak, just over the past few weeks.
Until back came the locals. Sales were sensible…
And Then …
Tornado. 12 St Georges Road goes to Chinese interests at over $10k/metre.
Over $9m for a block of land.
Is it all about to start again?
Little Big Price
New and near-new houses on small blocks. High demand even before completion.
Changing hands at $12-14m, going to those in a hurry and with better things to do than go through the birth pangs of building.
South Yarra? Join The Queue
It’s been under the radar for much of this year. Downsizers rushing in.
18 Avoca Street sold on Sat. $700k over a $5m reserve.
And not all that unusual.
It’s Now Or March
Unless the dotted line is signed over the next four weeks, it’s a now a four-month wait until the market wakes again.
A few truffles will be found, but those who wait now may have a long wait ahead.
Out Of Chaos Comes…
Uncertainty. Uncertainty among agents, buyers, sellers, advocates, audiences at auctions…
If you’re talking AAA, you’re saying anything is possible.
But there must be limits.