Sports report

Morrell and Koren, the 1st buyer's advocates

Greetings, sports fans. Big weekend was had by all. Winners and losers, hard-hitters and duffers out in force while a squillion spectators had a ball.

Not golf: real sport. Real estate.

[pullquote]The winners were clear by about the third hole…”[/pullquote]The winners were clear by about the third hole: buyers, no handicap.

There were even comedy acts for the children. One, supposedly a professional, opens the bidding at a shade under $2 million. Instant vendor bid (typical of this agent) raises that by $10,000. The professional bids again, adding … $90,000! A knockout bid! Against … who? Themselves? Can this really be happening? It gets worse. Post-auction negotiations put another $30,000 of the client’s money on the table before this comedy is over. We’re still shaking our heads.

When around 10 properties over $3 million are being passed in for the couple which sell, post pass-in is the time to play. Over just the past week we have bought a number of properties for more than $100,000 under their pass-in figures (one, notably, for $500,000 below an offer made last year).

Do the homework. It’s high-risk, but when you’re sure you are the only bidder, pick up the phone: “We won’t be at the auction. Call us after it’s passed in and we’ll talk.” – helps take the air out of some tyres.

More fun: agents re-labelling B & C properties which have failed in the hands of other agents and packaging them afresh. Same old product inside. Who do they think they’re kidding?

Off-market and out of the limelight there are some gems glinting in the dark. It’s Christmas!

And so to golf:

A Shark’s good walk was ruined over the weekend. Someone called Tiger did quite well.

David Morrell

Bayside: Nothing but the facts

Inspired by Joe Friday (‘Dragnet’, if you’re old enough to remember), “…just the facts, ma’am”.

Recent weeks. Bayside tables turn: Brightons up, Bentleighs down.

Brightons: 16 auctions, 11 sell (but a lot of rain fell on those over $2 million).

East of Thomas Street? Wheels fall off. Two sold from 15 offered. One rate cut was not enough.

Meanwhile, back in 3186:

Higher up the scale, the weather changed. All passed in:

Hampton and Sandringham: 10 auctions. 5 sold.

The Beaumaris/Black Rock malaise (do they still hold auctions there?) seems to have infected the Bentleigh twins. No nurse in sight.

Tough week for some. And more to come.

Damian Taylor

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