The weekend was the quietest long weekend in 25 years. Uncertainty, lack of quality stock and a financial crisis or three which all added up to … nothing. The only trend in evidence was indecision. Even the usually-active holiday house market was moribund. Buyers are waiting (tigers in long grass) for opportunities which vendors are reluctant to provide, at least until there is more strength in the market.
Need proof?
From the REIV (we’ve always loved them) Weekly Auction & Sales Results, Market Overview for the weekend:
TOP 5 HOUSES
1. 16 Gracie Street, Northcote $800,000
2. 58 Station Street, Burwood $785,000
3. 7 Bodley Street, Beaumaris $781,000
4. 4 Rowland Street, Bentleigh East $725,000
5. 7 Homebush Court, Doncaster East $717,500
… the top house is in Northcote? It’s $800,000?
That’s no trend at the top end. The top end went away for the weekend.
We’ll be back next week.
DM
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