Today was fiery – yes on a small sample – but bidders were fighting like they have not fought in some time. Late last year nobody bid – it was a ghost town in all markets except Boroondara – but Boroondara was only warm; not hot like it felt today.
Price is not market – we use the term market price as a catch-all to give an adjective to price – but it’s about as meaningful as “wonderful price or low price or high price.”
Price is a number. Price is what you pay or what you get, and the number is almost always different from what you want, what you ask, what others think value is, what the agent quote started at.
In a transaction the only truth about price is the number paid – not the description attached.
Today we felt a market returning to a feeling of going forward.
Early days – Feb Pep? It was a nice feeling.
In 2023 you will start to see more obvious changes in how we buy and sell and how we report, how we value (because of what we value) and how we achieve desirable outcomes, for our buy and sell clients. It’s never all blooming roses, no false promises, but you can get what you want if you know what it is and go about it the right way.
You know, like an egg or for you vegans a piece of tofu that slides off your brand-new fry pan as soon as there’s a little tilt – trouble for sellers is many buyers are missing the toast and going straight to the floor if they don’t like the price.
Bidders – aren’t we a fickle lot. Well, we are right now and hence our headline – non-stick.
You know, like an egg or for you vegans a piece of tofu that slides off your brand-new fry pan as soon as there’s a little tilt – trouble for sellers is many buyers are missing the toast and going straight to the floor if they don’t like the price.
One thing is for sure, the market is operating incredibly efficiently with a higher clearance rate and lower demand per auction. Well done agents – who are putting deals together under pressure.
There are many buyers and sellers in Melbourne, puzzled by the property game right now – and today’s results will not give any more comfort to them.
Market results were a lot better today than last week; with a clearance/agreement rate on price between buyers and sellers @ 76% on the 30 auctions we covered today.
See how the Top End Market has been performing.
Are you serious councillors, or is this a misprint in The Age (Adam Carey Nov 14)
“Boroondara (all 11 councillors) said it opposed the government’s decision to give residents the freedom to build secondary homes – or granny flats – on their properties without a planning permit, raising concerns about neighbourhood character, amenity and car parking.”
Market in a Minute: Spring M32023: Melbourne’s $2m+ housing market sees decreased auction transparency with only 20% selling under the hammer. Prices slightly retreat, particularly for B and C graders. Inner East remains a hotspot due to Aussie Asian demand, while Bayside and Stonnington face challenges. Market unpredictability is evident as buyer urgency has left all but the Inner East.
Mal, what do you mean Volatile market?
You know that fiery girlfriend or boyfriend you are showing up for and you don’t know whether it’s going to be a great date or a disaster – that’s a volatile market.
It’s a risk. Do you go to the party, risk a public flop but increase your chances of getting lucky or do you stay home and text where it’s safe, but not much can happen – that’s a volatile strategy choice – auction or sit tight.
Every Monday, keep up to date on Top End News from Hawthorn to Toorak to Brighton to Albert Park and all of Top End Melbourne.
“Mal, what’s wrong with me? What’s wrong with my agent?
What’s wrong with my property as a seller?
Why am I always missing out as a buyer?
Buy Sell works. Late last year, our clients approached us, expressing their desire to discontinue a renovation project. Despite their home being halfway demolished since purchase two years prior, we managed to sell it for more than we initially paid, when we bought it for them. Simultaneously, we facilitated the purchase of a move-in ready property with potential for improvement or the option to retain its current state, all while putting money back into their pockets.
At the Top End we continue to feel positive about where the market could be going, after the conclusion of our 3rd and final week of the 100 Auction Test (2024M1 – Opening).
Overall, the market eased upwards during February buts really its line ball – on the edge – results are patchy and volatile, and the market is still punishing mistakes.
The good news is the Bidderman freefall of 2023M4 – Pre Xmas has been arrested.
All the stats and today’s action below, including a last one standing s…fight at Mary Street, Grace Park on Monday, which went past $14m, $16m and $18m on the fly.
Our proprietary rating system includes a detailed analysis of each property’s pros and cons and a buying recommendation, empowering you to make an informed decision.
HAWTHORN 25 Hawthorn Gr
SOUTH MELBOURNE 30-31 Howe Cres
ASPENDALE 73 Nepean Highway
SANDRINGHAM 19 Kirkwood Ave
GLEN IRIS 6 Irymple Ave
SORRENTO 17 Hiskens St
SOUTH YARRA 28 Ralston St
Interactive Map of home bought and sold by James Buy Sell – click to explore
Ali and Craig Tiley had relocated to Melbourne from the US and were unfamiliar with the local property market. They were looking for support to demystify the Australian way of buying and selling property which is very different to the US model they knew.
We developed a shortlist of potential homes and a buy recommendation. By encouraging them to look beyond initial impressions and consider the inherent value of the home they chose to purchase, Ali and Craig were able to buy into a premium Brighton location two minutes from the action.
Get in touch with James Buy Sell today for a confidential discussion about your next real estate move.
During a confidential initial phone call, we’ll learn about you and what you’re looking to achieve, take you through our full-service approach, and explain how we achieve results others can’t.
Call us on 03 9804 3133 or leave your details below and we’ll be in touch.
