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auction results in Camberwell, Glen Iris, Hawthorn, Hawthorn East etc were all very strong today
Hi Buzz
Thanks for the info.
just curious, so when you do sell up, where will you buy?
Also, any chance of accessing the equity?
Cheers, MTR
What areas are you referring to Paul?
In my view their asking prices are still high - if you can get a bigger nicer one in much better condition for $30k more, why would you bother with a crammed in cheapie that needs some work?
To paint for 30k?
I overheard an agent telling someone he knows that he believes we've hit the bottom and that it's going to pick up again, and is looking to buy himself now. He had a lot of interest in some properties from people re-entering the market today.
Absolutely no doubts about this. If you're not snapping up every house you can, you'll be regretting it in 18 months time.
The media can only scare people for so long. Don't be afraid to bust down to sellers though. Low ball them to hell, if the weak minded still have it in their mind's we're going down - it's to your advantage.
I'm hearing things are picking up and enquiries are up. It might take a little time to full get them off the fence, but you can never keep property down.
I believe there is no rush to be buying in Melbourne right now as prices are still high in relative terms with very poor yields. Rents will need to play some catch up IMHO
I tend to agree with this, I was just pointing out my observation rather than opinion. Had lots (more than usual) of sales enquiries today, but maybe that was just a one off, will be interesting to see what next weekend is like.
I overheard an agent telling someone he knows that he believes we've hit the bottom and that it's going to pick up again, and is looking to buy himself now.
Signed authority last Thursday (20th), so its now on the market. The agent who has the property sold another renovated one in the block a month or so ago for high 4's. Looking for mid 4's...
Update: Sold for asking price today, 6 weeks after listing.
Well done Buzz.
I actually harvested one (clear title) last month and look forward to being ca$hed up. The cash out on offer was an extremely sub-optimal use of that title. It was also too land rich for the box upon said land that soon would have needed a couple of year's rents in repairs that would not have added any perceived value to a future tenant. My bonus is that I have let go of an asset whose land tax was 20 % of the actual yearly rent. I now have more choices and I'm not rushing.
I sold at auction after a very quick three week campaign. I was a realistic vendor however and so were you.
In Feb and March of this year yours probably would have sold in 6 hours not six weeks. The ones struggling now are due to persiting unrealistic expectations from vendors and more stock than buyers. there is a lot of hesitancy out there and for good reason.
Biggles not having a go at you or your relaying of the conversation in your office.
I've been doing this for a while and if I'm wrong and the market explodes as Enzo reckons, no probs, I have more to harvest and convert into far higher yielding assets............and not likely in Melbourne.
If there is another leg up, then we will definitely be in rampant speculative bubble territory and watch out
The market cooling and softening is very welcome IMO to establish some balance and homeostasis whilst rents catch up.