There’s a horse race, but that’s not where the big bets are placed.
Wander the gilded streets. Check out the billionaires’ rows. It’s here where the real money comes out to play.
So this is where to start. Where you can assess the form of the top end’s three big players —the Sellers, the Buyers and the Agents—and reach your own conclusions about what to expect.
Need help? Try this:
Sellers Are Torn
“It’s very easy to exit this market, but incredibly hard to get back in,” said the high-profile vendor.
You want to move. You know you want to move. The old home is no longer what you need but where will you find the new?
There’s not a lot out there.
(There’s also a view held by too many vendors that their palace is a shoo-in for 10-15% above reality so that means still more wallflowers in the making.)
Go now, or wait and hope there’ll be something to buy next year? That is the question.
Buyers Are Desperate
So many sold earlier at levels their agents told them were really really truly you-can-trust-me-it’s-the-best-you’ll-get and now they’ve discovered those levels were merely the foothills of the mountainous prices now being quoted.
If that’s not bad enough, the clock is ticking on the pre-Christmas rush. It can feel like pay through the nose now or top end couch surf until Easter.
It’s not pretty.
Agents Are Threadbare
They’re loving (and encouraging) the price rises. Their problem is … nobody’s selling.
In theory they should be in never-better territory, but you can’t eat theory.
There are some so panicked that they’re even returning phone calls.
All Of Which Adds Up To …
If you’re just thinking about selling we’d love to say rush right in because we have buyers ready, waiting and eager; but as things are we’d counsel caution.
If you’re buying and you have found the perfect it could be worth the risk. If not, if you have time, wait. The pressure is only going to grow on those who have committed to sell and are expecting unjustifiable prices.
Need a second opinion? There’s always Nostradamus.