Why wait for Cup week? There are vendors who have been ready to place their bets early and for some it has paid off. The market has been on the run and the bookmakers are taking a beating.
17 Albany Road had a Cup field of bidders. Crossed the line at $6.25m — $825k ahead of Reserve.
33 Hawksburn Road Good home. Ran a good race last time out. A short reno later it had a five-way photo finish at $5.4m — $900k ahead of Reserve.
Real money. Serious money. When has Reserve finished so far behind the field?
Aussie, Aussie, Aussie.
The most noticeable change this Spring. Canberra’s frowning and the FIRB and ATO appear to have decimated foreign interest. Some vendors have been left holding deposits on homes that are quickly coming back to market — and they may prove to present rare opportunities.
Place Your Bets?
It’s not all champagne and outrageous hats. For every victory over Reserve there are many unsatisfied punters milling in the mounting yard. They’re ready to put real money down but not happy with the odds so far. Seasoned punters warn that when Frustration is the jockey even Great Regrets can romp home.
Scratchings
- A distinct lack of choice in the mid-field. Little to be found between $6m and $10m. Hopes for a late Spring run following the Cup.
- EOIs. Gone missing. Out to pasture or worse. Some being groomed for later events?
- A number of $10m+ chances stuck in the gates. Some asking too much, others needing veterinary attention to correct problems that are all too obvious.
Thoroughbred To Win?
9 Towers Road Expectations of $30m+ (which would restore Toorak to its rightful place at the top of the heap).
The Big Q: Who? Who has the money and the desire? And how long will that take?
You’ve Heard About Dummy Bidders, But…
Is this a tale of The Reluctant Ghost?
It’s a $10m home that’s been on the shelf for a while, so we asked a previous owner whether there were issues that needed attention. Simple answer: “There’s a friendly ghost in the house.”
Oh. OK. It’s a ghost which gets along with its owners and hates to see them leave. That explains it.
There’s also an auction coming up in “the unluckiest street in Toorak” so rather than engaging us as your advocate you may like to check it out with your personal psychic.
Early Birds, etc…
The clearest sign of a dearth of AAA choices is the numbers of tradies’ utes and skips in the salubrious streets.
Reno, reno, reno. It looks like everyone’s renovating and nobody’s moving.
Which means that what is available is heavily contested.
Two choices:
- Go fast, pre-auction or pre-deadline. It’s been working for our clients in some notable cases.
- Keep your money in your pocket until the Cup is behind us.