Doors are slamming, movers are packing, would-be sellers are sweating (still).
A mariachi band of a year is dancing to its close.
The Lesson Of The Year
No matter what the “market” does, it’s individual sales that matter. When an individual buyer connects with an individual seller, bingo. Deal done.
This Spring, a squillion of them were expected to tango, but the music was more like:
South Yarra. EOI. Last time out it came in at $500k under expectations. This time, high-profile vendor, big ad spend and $1m above.
All boxes ticked, feeding frenzy followed.
A slow-dawning realisation that the perfect block of land can be two and a half years from the perfect place to live.
“I’ll have grandkids before I have my new home.”
Scrooge Is A Realist
Agents offering large family homes at prices that can be $10m above sense. A knock-on from the foolishness of St Georges Road. Then reality starts to kick in…
In three weeks we’ve seen two $30m asks cut by $5m. each.
Nothing to sell?
Cut your fees. No. Increase them.
(And then there’s the agent who took 2% plus a 20% kicker—some vendors should not be allowed anywhere near a pen.)
Dancing Around The FIRB
Whatever the FIRB is doing, it’s not working.
Foreign nationals are still picking up trophies and those will be lost forever to locals.
How are they getting their money in?
One Who Would Know has a none-word answer: Bitcoin.
Let us leave you with a thought for Summer: