You’ve been reading it in the papers (if you still get those): Here a record, there a record, everywhere a record, record…
Lack of choice=buyer frustration=hello chequebook.
- 57 Broadway, Camberwell: Well renovated Victorian on only 10,000sq feet: $6.35m
- 7 Power Avenue, Toorak: $4.6m
- 67 St Vincent Place: $1.5m over reserve: $4.2m
… which is leading some would-be sellers to hang back in hopes more rises are on the way. And bucking that trend with Serious Marketing Spends (and hopes ~$20m):
- 100 Walsh Street, South Yarra
- Moule Avenue, Brighton.
… time will tell.
Under The Radar
$10m+ private auctions.
That there are more of them is no surprise. What is surprising is the number of people who are putting their hands up.
And there’s another coming up in 3142 that would not have been on anyone’s radar even a couple of weeks ago.
Too Close To The Sun
- 5 Ultimo Court. Now taken off the market. Were the vendors persuaded that expectations must approach reality and that it’s lonely in the stratosphere?
- 21-23 Kooyongkoot Road. Two years ago: $11.5m. Now asking $15m when one just like it just over the road is still waiting for anything approaching that number.
The China Question
It can be tough to compete against another economy when our prizes look like their bargains.
But there are rules — rules so far made mostly for the breaking.
Now Smokin’ Joe is donning his sheriff’s hat, arming himself with his ATO sixgun and taking after those critters. (In fact he’s taken up doing the job we’ve been doing — and there are agents who have been calling us Names. Sticks and stones, broken bones, etc.)
No FIRB Approval? No deal.
Bubble, Trend or Clever Buy?
South Yarra. We bought it 18 months ago for $2,010,000. It was sold on Saturday for $3.5m.