There’s a new postcode: 3142½
The dear old bridesmaid is making a run for the altar and woe betide anyone fool enough to get in the way. It’s all grit and determination and sharp elbows (a little like a footy team on its way to a flag).
It’s The Government’s Fault.
Nothing to buy. No-one wants to sell. We’ve heard it explained like this:
“Mate, why would you? Not with the government we’ve got and the way superannuation works.
“Why would you sell an asset that’s appreciating like crazy when you can’t put the money anywhere it will make anything without getting tax slammed?”
So sell they don’t. So there’s little to buy. And when there’s little to buy, maybe sellers see there’s a danger they’ll be faced with the desperation that produces a Toorak 3142½. So they don’t.
Around and around it goes; and nobody takes the ride.
Yes. OK. There’s some activity under $7m and more to be seen under $5m, but as soon as you get near anything with a 12 in it, pickings are very, very slim.
Which is enough metaphor mixes for the average wedding.
Save! Save! Save!
53-55 Hopetoun Road has been floating around forever and a day with a rumoured sticker of $25m.
Have we got the bargain for you! This week only! (unless unsold, in which case you may expect an extension).
That’s a discount of, well, quite a lot.
Is it genuine? Will it be testing the new laws on quoting? Will CAV be watching?
Give New Quoting Laws A Pass-in?
The law now means that agent quotes must price fully. Will it lead to more pass-ins?
There was a maybe example at 52 Elizabeth Street, Malvern. Before the day, the agents were saying it was the most popular listing they’d ever had.
On the day it was passed in to a solitary bidder. One. No hordes. One.
Had everyone else been frightened away? Or were they the figments of fervent imaginations?
The next couple of weeks should tell.
The market’s up and running. Boom. Boom. Boom.
And according to the agents, there’s not a whole lot in the pipeline.
Is it time to sell your BMW shares?