It’s the boom that won’t die.
“There’s no slowdown. In my 32 years, this is the strongest market I’ve seen.”
Right. Spot on. Median prices are down, sales are half what they were at this time last year and that’s a really strong market — and the dead walk on.
The reality?
There are top end homes that are stuck in the graveyard because their prices are beyond resurrection. Hopetoun Road, Fulham Avenue, Orrong Road, Whernside Avenue. Take your pick.
And there are agents working on the after-life (or at least the after-career) whose antics are truly life-threatening. “This is my listing, I’m not telling anyone else in the agency I’ve got it. All that commission is all mine.”
And the sale goes elsewhere. Again.
These are the good people who will tell you that they always do their best for their clients. You may choose to believe them.
Wraiths Stalk Streets
According to some agents there are hordes of Chinese and ex-pats (wraiths?) stalking the streets, anxious to part with untold millions. Never mind that they’ve hardly been seen since November.
Accountants Rule (again)
Developers building more and more two-bed bargains on AAA land when cashed-up downsizers are on the hunt for four beds and up. The numbers add up, so what more could you ask?
The Bargains Are Upstairs
Ground floor. Downstairs Agent tells Our Source that the price expectation is $11m.
Two floors up. Upstairs Agent says $8-9m.
Our Source, who is both a buyer and a seller: “Why would I give those agents my property if I can lose $2m on a flight of stairs?”
Ask not for whom the till tolls, it tolls not for them.
Did you hear the one about the agency that listed its shares and …
“Out of nearly $130 million raised in the float, about half was used to partially buy out McGrath’s existing owners; another $31 million went to buy out the Smollen Group of McGrath franchises; $16 million paid off existing debts and $10 million covered float costs; that left only $8 million as working capital.” ABC
… no. That’s enough horror stories for now.