Yes. It really is, but in MEL real estate, whether it’s your money or someone else’s depends on what you’re buying or selling as much as when.
You’re buying AAA? Right now, time is against you. True AAAs have never been harder to find and there’s an ever-growing number of those who’ll pay to snap them up.
You’re looking lower down the ladder? Choice is greater, buyers are relatively fewer, prices are softening. Time is your friend.
Rarity Costs The Earth
We’ve long held that the price of land in Toorak is the truest litmus test in the AAA world. A sq m is a sq m (and a sq ft is a sq ft, but that’s so yesterday).
Then, against all the-sky-is-falling-in-ers, a chunk of Toorak changes owners at $12.2k/sq m — which should be enough to curdle the milk in the falling-ers Wheaties.
Yes, there was a bunch of frowns around that sale. Yes, the buyer paid too much. No, the FIRB was nowhere to be seen (at least they’re consistent).
The short story? There are more AAA buyers than AAA sellers and AAA people can pay cash so banks’ tightening is only a worry for people who are not AAA-grade.
Fear Of FIRB?
That’s irrational. Can you think of any recent case when they have said “Enough! Not this time!”
Cinderella Is Off To The Ball
Glen Iris. $9m.
Yes. Glen Iris. Yes. $9m.
“For that kind of money, I’ll buy in Toorak,” said one bidder while seven others ignored the reserve and went $1.1m past it.
More than enough for a jumbo serve of remorse for Sunday breakfast.
3142 And A Half
Hawthorn is the new 3142? The new Toorak?
An awful lot of it sold on the weekend.
It’s not without precedent. Gardenvale muscled into Brighton.
“If the ASX calls, don’t answer.”
Relief may be on the way for some who have been stranded by the banking crisis. We’re getting calls from clients asking us to find investment properties — they’re looking to lighten their equity holdings and weight more toward real estate.
What’s In A Day?
July 1. New financial year and the start of real estate’s winter migration to places sunny or snowy.
Don’t panic. There’s still six weeks.
No. Panic. There’s only six weeks.