Return Of The Locals

Did the overseas buyers do all their heard-earned at Flemington?

Or, on Saturday, were they all still at the track working on recovering their losses?

Either way, they left a clear field for the locals.

Some winners. Some still running.

The (Unlikely) Winner

People, how many times must we tell you that trying to auction your house and expecting over $5m is a loser’s game?

10 Maple Grove “$7m+”

This will be interesting.

Reserve was $7.3m. It went a million past that. All the hands-a-waving were locals (including a well-known commercial real estate agent who twice bid against himself — maybe he doesn’t get out much).

Not a number we would have met but, overheard from a neighbour: “Yes, it’s a good price for the street, but if it’s a home for 20 years no one is going to worry about it in a few years time.”

Money means less in Toorak.

And is that humble pie? Just a small slice, please.

Another Wait-er

This week’s Patience Of Job Award goes to those in Torresdale Court who waited quietly for 18 months before a contract appeared with a number a little over $10m.

About right, but a long time coming. And another local.

Hawthorn. Again.

41 Harcourt Street

The final siren sounded in an EOI with three contenders in a boardroom auction. Final score was a little over $12m.

More and more, Hawthorn is behaving like another Toorak.

Do Premierships boost values?

The Rise Of Malvern

Last year we were putting our hands in our pockets for $4m, for homes now selling for $5+

Markets Of One

Top end real estate rarely encounters a rising (or falling) tide which affects all boats. It is, always, very property-specific.


You’ll see it yourself in the lead-up to Christmas. There will be winners and losers.

And there’s no excess of choice available, so expect an occasional boilover.

The “I Wish …” Award Goes To…

Usually it’s the sellers with their heads in the clouds but this time it was someone who was prepared to stump up just $4.5m less than the asking price.

Yes. Right. That’ll work.

EOI’s Growing Up?

They were not our first love, but they’re changing. Becoming more open and, dare we say it, fair.

That’s when they’re run by the better agents — agents who understand that bluff and manipulation scares more people away than it attracts.

Those playing sleight-of-hand are building reputations that will come back to bite them. Reputational damage takes careers to live down.

Being There

If you are trying to understand the market and how that might influence the prices of homes that interest you, there’s no substitute for shoe leather.

Agents’ memories are notoriously fragile. What’s published in results can be no more than a true reflection of what they hoped would happen (or suggested was likely to their clients).

There’s any number of properties which failed to get a bid at one figure and have been reported as passed in at a figure well above that.

There’s no substitute for being there.

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