For Sale flags fluttering by beaches from Flinders to Lorne and beyond.
Why?
Three letter word: T.A.X.
The new land tax, payable when the homes you own number more than one. Holiday homes (and other land) are now in the treasurer’s sights.
There’s one we know that was taxed $30k and is now staring at $120k. Not small change for somewhere you may only see a few times a year.
Not all those fluttering flags will lead to sales, but those which must sell will create a lot of holes in pockets.
Expect prices to fall. One example:
Last year’s offer of $11.5m became this year’s sale at $9m.
Ouch.
Expect the spread of the ouch.
Back in the smoke
“40% of my sales start with a divorce.” One agent’s experience. He’s not alone.
“OK. The market’s dead. Let’s give $30k to realestate.com.au and get it done.”
Silence.
Perennial blossoms
It’s taken forever but 14 St Georges Road has at last found love and $40m.
Hope springs eternal
12 Lansell Road. Hoping for $30m.
Been hoping for a sale for years but hoping for less is likely to be closer to happiness.
And a hint of things to come?
Toorak. 240 hopes.
Cast an eye over the real estate listings for Toorak. Crowds of homes that didn’t sell last year.
Are there 240 buyers prowling?
No.
Pinocchio’s nose is drooping
The assemblage of mismatches mispriced last year is drifting off to other agents.
The pendulum is swinging
You’re buying?
It’s coming your way.