Pot Shots

“A short post is a good post.”

Keen Spin

For just about as long as this housing market has been booming (~2008, if you’re counting), Prof Steve Keen has been predicting the end is nigh.

Now he’s saying he was wrong.

If he’s consistent, the balloon is about to bust.

Grail Quests (cont’d)

Desire + Funds = Quest. Quest + Rarity = Nose Bleed.

Object of Desire: 1 Kingsley Court South-facing, land value, 7,400 sq ft @ $755/ft (probably a record). 6 Questers, $900k over expectations. Reports of death of AAA exaggerated.

Object of Desire: 78 Sackville Street, Kew Sold $5.710m = ~$500/sq ft. $500/sq ft in Kew? Seems like it was $250/sq ft only yesterday.

Object of Desire: Point Nepean Road, Portsea. Sold. Persuasion: $10.7m

Commonalities: Lack of choice (still). Buyers not knowing where to look (still). Buyers pushing back on prices unless rarity/need kicks in. Some agents not helping bridge gaps (self-dug holes?).

Dead In Water

25 Mountview Road, Malvern Passed in @ $4.6m. No flicker of interest.

Games (cont’d)

“We can get you $xx,xxx,xxx.” Outrageous expectations being offered by agents to snare head-in-clouds vendors. Recipes for tears.

“We’ll do it for …” Commissions so low that not even a real estate agent would work for them. And that they do.

AAA Litmus

2 Hopetoun Road Expect ~$15m.

Back-to-School Moves

Happens most years. School year starts and the removalists’ trucks head out from Toorak/South Yarra to Kew/Hawthorn. It’s that or hit the daily traffic jam.

David Morrell

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