Stravinsky could have written the music. Calm. Storm. Lightning. Thunder.
Four and five hands waving and wanting. Wounded under-bidders wandering. Hungry.
Can’t say we didn’t expect it — last April, we predicted it.
Now ANZ is joining the parade and predicting a rise of 15% over the next 12 months. Have they been reading our tea leaves?
It’s chaotic, but clever. The lemons and the over-priced are not going anywhere.
The coffee shop chatter around 104 Caroline Street. “Top of the hill.” “Renovator’s delight.” “Going to set records!”
We heard of at least 15 potential buyers.
And then… And then…
One by one, they fell by the wayside. No-one could make $10m+ make sense. Reality ruled.
The lattes went cold and it sold for $6.3m. About right.
Investors! There are investors!
They’re there at the middle, they’re there at the top. Not looking for rental returns so much as capital gains.
23 Howitt Street Not a nibble at $2.1m four months ago and six bidders just took it to $2.325m.
12 Central Park Road, Malvern Smack in the school belt. Reserve just over $4m. Sold: $4.7m.
Same song but a little muted. More choice and more units.
The Dance Of The EOIs
Discordant rules. In fact, as far as the agents go, it’s make your own rules. Buyers (and sellers) beware.
We’re seeing numbers of DOA EOIs where agents have promised the earth to get the listing, collected the thousands to pay for the advertising (and doing a nice job promoting themselves) and then three weeks after the campaign is shown to be a dead parrot another agent is appointed and the dance begins anew.
Conflict Of What?
The agents resisting selling to one buyer when another maybe buyer is in the wings with a house to sell.
How could that be a conflict of interest? Surely they’re just trying to help everyone.
There are buyers who think they can take their eyes off the ball for weeks on end and still be on top of what’s what.
Worse, there are agents who are also asleep.
In a world of volatility, that’s not a recipe for happiness.
What’s Mine Is Mine And So Is What’s Ours
I really want your listing. I really really do.
I want it even more than my colleague down the hall.
And to keep your sale all to myself.
Even if that very same colleague has a buyer you’ll never know about.
No shared commissions here.
Move along. Nothing to see here.
Client chooses Agency X to bid on his behalf.
Bit tricky, but probably OK.
Agency X is auctioning that very same property.