The Block is a television program.
A reality television program.
And so it was. Five apartments that contestants had been labouring over for as many months, finally going onto the block with their renovators in line for anything paid above their reserves.
And all of them looked like they would have struggled to reach much above reserve — until the advocates stepped in.
The three which sold to ordinary citizens went for $10-30,000 above reserve (plus tears for their renovators). Those where advocates became involved went for $310,000 and $335,000 above theirs.
Lesson for the day?
Choose your advocate with care.
Meanwhile, in the real world
While the clearance rate over the weekend was a solid 73%, the top-end numbers on offer were considerably lower than at the same time last year. Are we back to: “I’m not selling until I have something to buy.”?
That said, there are still numbers of the seriously priced waiting on the shelf. They’ve been waiting there for up to 18 months and until prices move, they won’t.
Toorak and South Yarra. More and more it’s sub-$1,000,000 flats.
When the share market trembles, real estate can seem like a refuge. Super Saturdays are upon us and may provide some needed hidey-holes.
They live in hope
261 Beaconsfield Parade. Quote is $10 million plus.