OK. There’s a heap of conflicting predictions about what real estate will and won’t do out there, so we have consulted the world’s most reliable prognosticators (one President excepted) for the answers you need.
The Oracle of Delphi
“Beware the Ides of…” (Sorry, wrong Oracle.)
“You saw what happened with the GFC? Stock markets fell all over. World real estate crashed, Australia’s didn’t.
“Expect a re-run. Australia is a very habitual place.”
The Crystal Ball
“Did you see what happened on Page Street over the weekend? 500 people ignoring communicable diseases to watch one estate agent’s house scream over its reserve.
“Did you see the five bidders? Guess what, there are now four walking wounded under-bidders, each with at least $7m in their pocket and you don’t need me to tell you what that will lead to.”
The Lizard’s Gizzards
You’re in desperate straits when you get down to the gizzards.
Armadale. Land (the litmus test). Three bidders at the auction and still we’re told that it went for less than a prior offer.
How embarrassed is the agent?
The Hibernating Bear
Rolled over. Went back to sleep.
Was joined by a legion of vendors who were not tonight Josephening and a whole bunch of buyers who were just as weary. Wake us in the Spring, they said.
Big bed.
And so?
Predicting whether the market will go up, down or sideways is an irrelevant endeavour. Always is — at the top end, each home is unique, each its own price point.
Behaviours? They’re different. Expect some or all of the following:
- Goodbye, auctions drawing hundreds (no footy, no pub, no crowds — Melbourne, you’re no fun)
- Goodbye, open inspections (ditto)
- Hello, inspections by appointment
- Hello, off-market (and the few who know their way around it)
- Whoops! Units. (Too many of them; poised to be belted.)
- Whoops! B & C-grade property — recent price hikes are a passing fever.
Tempted to sell?
We have some very interested buyers with some very big pockets.