An estate agent shows a family a lovely house

Clendon RoadSanity. Imagine that!

Clendon Road. This was always going to be a test of the Top End. It passed.

The owner’s expectations were well aligned with the market’s: $20m. With three hands a wavin’, it went for 10% more. 70+ parties inspected — given the Covid restrictions demanding a lot of the non-serious, that suggests there are some well-resourced underbidders who are still looking and hoping.

Insanity? Step up.

OK home. Good street.

$25m?

Have we got the bridge for you.

Not interested at $25m?

Pop around to Irving Road. $38m screams typo, but we’re afraid they’re serious.

Just for the record

Mercer Road, Armadale. $8,400/sq m. Land, at a record price which suggests they’re not making any more of it.

And South Yarra has also set a (quiet) new sq m. benchmark.

‘Tis the season for Underbidders

Several EIOs hotly contested, leaving not only Clendon Road’s but six more $8m underbidders who are still looking.

Do you have a lazy $20m? Take your pick

It seems that nothing gets a seller out of bed faster than the prospect of a rapid sale at an unheard-of price.

In the past 25 years we have never been so surrounded by the sleepless. There are at least 18 top end homes ready and waiting for a knock on the door.

Why now?

Some insomniacs have had enough of lockdowns and are headed for looser climes. Others have spent enough quality time with their navels to decide that the current lifestyle has to change. Farms beckon. The Peninsula lures.

Then there are those who are pricing in the stratosphere in hopes of finding a buyer who really is out of touch with earth.

Purveyors of up-market, no maintenance, liberated-lifestyle penthouses? No interest. Sorry. Go back to bed.

Why would you agree to… ?

Agents who ask for a 6-12 month exclusive authority.

They can’t find a buyer in less time than that?

Have they promised you a price they don’t believe is achievable and need time to beat you down?

Do they look forward to promoting your property (and themselves) for all that time?

Walk away.

Upstairs Downstairs

It’s not the first time: Agent on the ground floor: “I can put this together for $17m.”

Up a flight: “Maaaate! I’ve got strong interest at $25m.!”

There’s a certain President with a use-by date who could do no finer.

Go away. Just go away.

Text reads: “I can offer you an exclusive on a listing I have in South Yarra.”

Really? We know another agent has sole authority. That’s our day job.

Yours is career dead-end behaviour. We won’t deal with you again.

The question is: Why?

Why on earth did you think you could get away with this?

Choose your aphorism

The bottom end of the market is strong — driven by lack of choice. The top end is strong because it can.

So. Choose:

  • “The top end is the first to go and the first to slow.”
  • “When interest rates are low, watch property grow.”

Get ready for bed

Christmas is coming. There’s a yawn in the wind. Feels like the end of a year to forget.

Stay well, stay safe.

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