About 10 minutes ago the market was hitting ever-rising ceilings.
10 minutes is a long time in real estate.
We’ve gone from puffed up to puffed out. Buyers, that is. Those who are now ready to buy something, anything, just to put it all behind them.
There he was, ready to pay $6m for a home we were bidding on and suddenly he’s looking at a viewless apartment.
“The wife. She says she’s got to have somewhere to call hers.”
Puffed out, she was.
“Trust me, I’m an …”
Albany Road. Still sitting there at $35-38m. Still a good buy. Yes, OK. It was a couple of years ago when it was bought for $12m, but you’ve got to expect some appreciation…
Somewhere Else (we’re not allowed to say where). Sold last year in the mid-teens and now it’s great value in the high 20’s
Estate agents said so, so you can bank on it.
Topsy, meet Turvy
In about 40 years watching real estate markets rise and fall, there’s rarely been one like this.
The top end is first to go, first too slow. The lower levels play catchup.
Not this time.
Is there a bottom in sight?
In the past three weeks:
- 7 auctions
- 7 sales well over reserve
- 7 multiple bidders
Puffed out buyers unconcerned by banks, interest rates or the comedy of political errors.
They’re just getting on with it.
This in Fitzroy and Carlton where, until 10 minutes ago, you couldn’t give a house away.
The market has changed. We may have just touched the bottom.
Going, Going …
4 Heyington Place. As predicted, has gone for a suitable $11m.
At $6k/m? Yes.
It’s the money.
Montrose Court, Avalon Road, Albany Road, Barry Street. Stuck to their shelves with double-sided prices.
Now think like an agent for a moment: What is 1.5% of $0?
A winter somewhere not warm and not snowy? No BMW?
Life is so cruel.
She who insisted pre-Easter that there were two buyers with loaded cheque books and if we weren’t in by 4pm, we were out.
4pm came. 4pm went.
That cost her vendors $400k.
Thanks for playing, but we invented that game.