Right. Year of The Rooster. And welcome. Looks like all kinds of fun.
Who’s Crowing?
Last-minute pre-Christmas sellers who broke records and some old stagers who at last met the market—albeit some via the chopping block.
Quality sellers with expectations somewhere under the stratosphere. Now an endangered species.
Who’s Crying?
“They’ve been my clients for 10 years and they’ve left me for Mr 1.25%” (Get used to it.)
“I’ve been doing this for 30 years and now I’m told not to come back?” (Sorry. But welcome to the new reality.)
“Prices are insane. This must be the top of the market.” (How deep is a pocket?)
“Hmmm. There’s something familiar about this.” (Close to half this year’s “new” listings are carry-overs from last year.)
Trust Me. I’m In Real Estate.
Sorry. That was a joke.
One Liners
- The prudent will wait before jumping.
- Do not believe everything you read. Too many reporters get their info from agents.
- Little choice = desperate buyers. For now.
- Off-market. Expect to see more of it. (Except you won’t. It’s all behind closed doors.)
- Same old faces are growing older and older and fewer and fewer. (See “Who’s Crying?”)
- Lower marketing budgets = harder to find what you’re looking for.
- What will it take to know what’s really happening? Time. Ask again after Easter.
Litmus Test.
9 Hill Street, Toorak Expressions of interest due Feb 28. If it goes for:
- under $12m — market is soft
- $13m — market is solid
- $14m+ — madness rules (and expect more listings)