Nuclear-powered submarines? Really? Just wait 20 years until we get to play with them?
Not needed when right here right now in our very own backyard we have HMAS Post-Lockdown prowling clouded waters while unloading $30m and $40m torpedoes.
Not that we didn’t tell you to Be Prepared.
From the front
Since mid-Winter a horde of underbidders (23, count them) have been roaming the Peninsula with $5m or more wearing holes in their jeans.
Shots heard in Portsea. Block of land. Six bidders. $2m above reserve.
One valuer, last week: “We are currently at the best party of our lives, but I fear its now 10 minutes before midnight!”
Add to that the annual panic of getting settled before the weight-enhanced citizen comes down chimneys and puts markets to sleep for whole seasons.
How can you deal with that?
Advance notice could buy you time, but don’t count on it. There are queues for advance notice.
Be prepared to contend with the gung-ho player who walks through, looks, offers and deals in a day. Gung-ho can come out of nowhere, leaving more careful heads spinning.
Once you’re sure, be ready to hit the bank transfer.
A strategy for you?
It’s painful, but your best friend can be summed up in just three words: Homework. Homework. Homework.
Find out who the buyers are. At this level they’re often sellers. Knock on doors.
Then there’s …
The Alan Kohler Factor
The RBA Effect doesn’t cut a lot of mustard up at the giddy end. Leaving rates alone and tweaking deposits in hopes of cooling this world is tougher than crossing a State border.
Auctions for listings? Really?
Agent 1, “We think we can get you $13m”
Agent 2, “We think we can get you $15m”
Agent 1 (after not hearing back from the owner), “On reflection, we think we can get you $16m.”
Agent 2 (straight back on the phone), “We have multiple buyers at $16m+”
$3m an hour. Desperation, thy name is Agent.
When will peace break out?
Give it some months following the lockdowns finally being locked away. Exuberance is mortal.
Until then, stay safe.