… don’t.
Those suitcases full of millions arriving at our airports to snap up trophy homes at record prices.
You’ve read all about it. It’s all over the papers.
But at times strangely absent come settlement day.
Evidence? A certain trophy on St Georges Road is back on the market.
Buyer-paid-too-much-cold-feet?
One property does not a boom make?
Up at the top end, caution still rules — often for good reason. There are vendors whose expectations are so far above the rest of the world thay they and reality are unlikely to ever run into one another.
Even some with ‘valuations’ who dream of 20-25% more than they should and are likely to dream for a long time yet.
And there’s no help coming from the Easter Bunny.
It’s stalling a lot of transactions. People who wish to move on but who need reassurance that there will be demand at their level. Buyers who want to know that there are others who share their ambitions — that they are not getting ahead of the market.
Signs of hope
Boardroom auctions. We’ve seen enough now to know they’re transparent, private and often effective — even if some agents still haven’t quite worked them out.
Memo: Sydney
Master-classes in under-quoting making Melbourne look pale.
David Morrell