James Buy Sell Market News with Off Markets every Monday
A $10.1 million reserve. A Wednesday auction. And a week with no cooling off. One Toorak sale may have just rewritten the rules for Melbourne’s top end, and we bought a half-acre in Kew the hard way. Here’s what every top-end buyer and seller needs to know now.
64% Sold. Low Stock. But Some of the Best Numbers We’ve Seen This Year.
Well, well, well. A little more positive news from Melbourne’s top-end auction market.
Across Boroondara, Stonnington and Bayside/Port Phillip, we monitored 33 scheduled auctions, with 21 properties sold — a 64% sales rate.
This week in Marketnews, we’re covering published reserves, and in our opinion, they’ve been a complete success.
Yes, the market is still very difficult and prices are still falling, but the reserves themselves have worked.
Finding It Is Only Half The Job
Last week I told you I was back out on the trail, letterboxing Armadale for an overseas client. I said a few weeks ago the off-market wasn’t performing, and I hoped to be proven wrong.
Well, the phone has rung.
150 letters. Four responses. One property now of genuine interest.
Clearance rates are in the high 50s. Bidders per auction are in the low ones. Both numbers say the same thing. The market is still falling.
Give me somebody with a $3m house who understands they may get $2.8m, while there’s a good $5m house down the road we can buy for less than $4m?
Professional conversations. Some positive outcomes. But every one was difficult. A successful week.
Three Solutions: This Could Be a Great Market for You as a Buyer
be you a doctor, finance professional, mum and dad, business executive…be you someone slightly contrarian and has to as your kids haven’t stopped growing and/or is willing to act.
Because in this market, perhaps more than we’ve seen for a long time, knowing the true value isn’t an interesting discussion.
It is the deal.
You don’t need the old market back.
You just need to understand the new one.
And use it well.