The Truth Is Out There

moko T.E.T.

OK, truths. Plural. Legions of them and, especially at the Top End, too many players pretending they don’t exist.

  • Truth: For weeks now, there’s hardly a Sold sign to be seen on any EOI.
  • Truth: Expect the same this week.
  • Truth: Vendors are still being promised the earth.
  • Truth: Said vendors are still waiting.
  • Truth: Said vendors don’t really know how much is realistic.
  • Truth: Said vendors don’t know who to trust.
  • Truth: Lemons are still lemons (lemonade not an option).
  • Truth: Top End has just experienced the least sales since the GFC.
  • Truth: EOIs fail then fail, fail and fail again. Slow learners?
  • Truth: Good homes, well priced, are still selling.

Gratuitous Advice For Would-be Sellers

  • Before appointing an agent, check out how their last 3-4 EOIs went.
  • Recognise that most of this year’s results are under the radar — but ask anyway.
  • Buyers are there at $10-15m and $20m+ — providing they see value, but…

The Real Troubles Are …

  • Same old, same old. Those living in those homes don’t need the money and won’t sell until there’s something to buy.
  • Something very now: The election. It’s a Great Big Stop Sign.

Pinocchio Is Back

“We’ve got two parties in the price range and the property will be sold by 4pm today and you’ll lose it if you don’t make an offer!”

Yes. Right.

That was three days ago. It’s still for sale. Leaving the vendor … where?

Against The Wind

Some agents are seeing as many as three bidders at an auction. Do they know something?

Rate That Again?

We’re seeing Council rate certificates that are 15-20% or more above the real world and have been suggesting bringing in independent valuers to argue for rate reductions. 

Case in point: Property in Brighton sold for $5.6m, Council valuation $6.2m, site value $5.85. 

One example of maybe thousands. Is a revenue crunch on the way?

While in Brighton … what’s happening? A near-death experience?

Your Bank Doesn’t Love You

Your bank has knocked back your application for a home loan and you don’t know why.

You have a TAB account.

Is that your answer?

Where Next?

If you’re looking for some indication of where the Top End is heading, keep an eye on:

 

mokoThe Truth Is Out There