You know it. Pretty soon it adds up.
But to what?
The media mills are alive with the sounds of Toorak records, but what does that mean?
Smoke + Mirrors?
18 St Georges Road scored around $40m plus a handy $8.5m for Our Gov (FIRB loved it) (wow!) but was it a “…benchmark for Toorak.”?
Sorta. Only sorta.
If you’re looking only at its sale price, then yes. If you’re looking at its cost per square metre, at around $7.5k/sq m., it’s not in the race.
Contrast that with 16 Stradbroke Avenue at $10.5k/sq m. (and bring a tent).
To match that, St G’s would need to hit close to $55m.
Shuffle off to 2 Myvore Court and you’ll stare around $20k/sq m in the face, but you do get an airport terminal thrown in.
“…sound and fury, signifying …”
… not a whole lot. Markets move. No news in that.
What is significant is how these reports influence what follows. How agents promote all this talk about records, then use that to suggest to undecided sellers that there are pots of gold at the end of those rainbows.
Reality bites later.
And that’s where wallflowers are made.