Those with $8-10m are increasingly looking across the river. Hawthorn, Kew and Canterbury are suddenly in their sights. At least they are this Spring.
More schools, more choice and greater temptation to trade up where Toorak and South Yarra are more and more the hunting grounds of the downsizers.
No Time To Wait
A new step in the FIRB Tango.
“We only put a deposit down, Your Honour.”
Yes. OK. Not guilty.
Foreign depositor (not buyer!). 90% deposit (yes!). Settlement date is in two(!) years.
And it will be that long before the sale is even made public. And there’s a tonne of time to work out any legal wrinkles before time’s up.
All Things Come To Those Who Wait. And Wait
Sold recently for a whisker over $12m.
It’s only taken eight years for the market to catch up to the asking price.
Interest Rates Shminterest Rates
They count for nought at the top end.
We were promised a Super Saturday and we want our money back. There were spots of Super but a lot of Zero in-between. It was all very property-specific.
Two wounded under-bidders went a-waving at 26 Thanet Street, Malvern and took it to $5.105m. A year ago they would have saved a million.
Around the corner at 6 Staniland Avenue time stood still. A similar home, it didn’t get a bid and was passed in at $4m.
Cinderella Uninvited To Ball
Why avoid selling by auction at the top end?
Look no further than Cinderella suburb Albert Park; now suffering symptoms of stress.
52 St Vincent Place. Talked-up trophy. Hundreds expected to on-look.
Passed in at $7m. Rumour says the vendor wanted $10m. Came down to $9m. Came down to $8.7m.
The market is not prepared to go to $7m and you’re still asking … how much?
A not dissimilar story at 94 St Vincent Place. Passed in at $6.7m and still a mile between the vendor and a would-be buyer.
Reality. No, Really…
We all know how out-of-date Council valuations can be, but they do have some basis in reality.
What, then, of the vendor who says $10m while the Council valuer says $3.5m?
Us? For once we’re on the side of the valuer.
Unless, of course, the vendor is prepared to adopt the Whernside Avenue as-long-as-it-takes strategy.
There’s a lot of property being thrown at the market — lots of B and C, not all top end — and the Big Question is: How much of it will still be for sale in a month?
Real estate markets don’t plunge like share markets can, but ours is starting to feel soft in a number of places.
Keep an eye on Brighton. Many were passed in over the weekend and it’s a suburb that can feel financial stress more than most.
We’re starting to see interest in properties down on the coast. Summer comes earlier every year.