A pulse!

Morrell and Koren, the 1st buyer's advocates

The Top End still has a heartbeat, it’s very faint but there are a few transactions taking place; although some at levels less than they were offered last year. Don’t knock it, it’s a kind of life.

Life? We have a client who believes the whole real estate world is like life in a zoo and that set us to thinking. What are the parallels?

[pullquote]… the circus has come to town.”[/pullquote]We reckon it’s a circus and (roll up! roll up!) the circus has come to town.

We spent Saturday with an interstate client who had never seen performances like it. Lots of acts to entertain the kids (and us) while he slowly curled into a foetal position.

We saw:

  • The Spruiker! The agent who lured people to the auction with everything, “The greatest show on earth! It will defy logic! It’s worth $4 million! It will sell for $4 million!” (OK, the reserve was $5 million, but that’s only a detail.)
  • The Ring Master! The auctioneer who loved the sound of his voice so much that he could not any hear others, including real bidders trying to make real bids.
  • The Elephant! An unwise old agent with skin thick enough to deflect all criticism. (He also trumpeted through his nose.)
  • The Trapeze Artist! The salesman who performed death-defying lurches from one side of the tent to the other, hanging onto the merest hint while sliding up and down some very greasy poles.
  • The Bareback Rider! Well poised, beautifully coiffed and went around and around in circles leading to precisely where she started.
  • The Fire Eater! An agent with offers that miraculously disappeared.
  • The Contortionist! The agent who found himself in an impossibly difficult situation, within his own company.
  • The Clown! Looked like one, acted like one and paid serious money more than a passed-in price when it was clear no-one else was prepared to come close. And, depressingly, this clown describes himself as an advocate. For whom?

Did the fat lady sing? Yes, quietly. Not a lot of action, but some (fairly unspectacular) results:

  • 19 Sargood Street – 5-bedroom family house. Sold for $4.7 million after being passed in at $4.6 million.
  • 2 Iona Avenue – passed in on a vendor bid of $5 million, sold later for $5.08 million.
  • 21 Washington Street – sold for $1.45 million against a reserve of $1.2 million.
  • For seagull lovers down in the Cinderella suburb, 210 Nelson Road sold four years ago for $2.9 million, sold a year later for $4 million and sold again on Saturday with three bidders for $4.215 million.

The bridesmaid:

  • 246C Domain Road – a good apartment which no-one wanted. Passed in on a vendor bid.

The Fortune Teller! (us)

There are some strong signs of more property coming onto the market (we have been through more houses over the last ten days than we have at any time this year) and some, believe it or not, are even worth a bid.

While it’s true that many vendors are still a little gun-shy – not wanting to go to the market until they see others doing so – we expect to see more property than we have seen for many months appearing in late October/early November; and it’s likely that the AAA ones will fare quite well. There are a lot of buyers out there looking – we see them at opens, we see them auctions, we see them coming through our doors – and a couple of good results could trigger more interest from all parties.

David Morrell

Bayside: Back next week

Damian is taking a well-earned. Bayside (with some large numbers in prospect) will resume next week.

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House prices to dip further during spring: experts

Buyers advocate Christopher Koren of Melbourne-based Morrell and Koren said when the housing market comes off the boil, as it had done since the start of … Sydney Morning Herald





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