How is the market ?
A friend of mine had a semi in North Bondi (NSW) up for auction with in excess of 200 parties going through this impeccable house within a three week inspection period. A house with lots of potential to expand upwards, sideway or at the rear.
So many people looking, yet not one person asked for a contract. They were all looking for a bargain.
He withdrew it from auction and the agent proceeded to try to sell it by private treaty.
It has just been sold for $ 950,000 which is actually equal to the going (top) price of three or four months ago.
Again, one swallow doesn’t make summer. We cannot really draw any conclusion from that.
So please do give us YOUR feedback about the market.
Any sales you are aware of at preslump prices ? Any sales at a lower price ?
No sales at all ?Thanks,
Pisces
Hi
I have a friend who just placed his property on the market, 5 acres, somewhere..not going to say where…
Agent suggested this tactic:Lets put the house and land on at say 850K plus, expect to get around 900k, but the lower price gets people interested and in…. setting it higher, eliminates people too soon.
They figure, get them in, get more interest, push up the price. Also gives them an out yes? Well they give false hope to seller and purchaser.. higher expectations on one hand and for the lets increase it..but if it doesnt work, its your fault! And well hey we can get you it for a lower price…just make an offer and see if owner accepts…well guess what owner, you lost the sale!
I think they are inflating prices to suck in the seller, but they give themselves an out, if it doesnt sell for their expected hmmmmnn price….market isnt there now….maybe it never was at that price,
Now having said that, they have three offers, one came in at under 800k, one now at 830, not sure of the other. Well below the price the agent set…
The owner will not sell for less than 900k, so dont they realise that they are wasting everyones time and resources? I mean the agent….
I will keep you posted of the final sale.
elves
For those who are interested in the New Zealand market..
On Saturday 51 residential lots sold at auction in Wanaka in less than 2.5 hours for $16.5 million [$235,000-$450,000].
I understand several buyers are already in negotiations to on-sell for a comfortable profit.
— Michael
hi Michael,
…seems my offer of 16.4 million was a little too low…
seriously, I’d be there if i could.
cheers-
miniWhere is Wanka
Um I think you made a typo there Yack….or maybe not [^]
Hi Elves,
Sorry, but I don’t get the problem. When an agent advertises a price of $850K+ that, to me, means they want at least $900K. I’ve always been told the “plus” means 10 to 20% more. And as the vendor wants at least 900K then the advertising is in line with normal practice.
I’m not saying this is the best way to do business, but it is, unfortunately, the way things are done.
If the seller wants to be more straight forward, he could advertise for sale at $950K and negotiate down from there. Ultimately it’s their choice how they want their property marketed.
Cheers,
Sue [
]“Be careful not to step on the flowers when you’re reaching for the stars”
if i saw 850+ my maximum would be 850, and i’d be negotiating down….phew, and a rent of $1700pw. hehehe
Originally posted by yack:Where is Wanka
Hi Jack, I can’t resist telling you that Wanka is where the Wankas live[:o)]
Sorry I had to!I spent a few hours today calling on a couple of real estate agents in a large town within the Sydney area and learned that people are looking but not really buying.
Is this a bad thing ?
I don’t think so as one will be able to get a better deal from those vendors who, for anyone of a number of reasons, are motivated to sell right now.
Pisces
Hi all
to answer the question where ia wanka
its where “willy wanka” and his chocolate factory is.
sorry its WANAKA in NZ near Queenstown and about the hottest property market in the world at the moment.
i see in today’s paper a town 15km from Wanaka is just about to undergo a major subdivisdion, effectively doubling the size of the town.
properties are still moving very fast in my part of New zealand, not too far from Wanaka. (not too far by Aussie standards). If the price is good they go in amatter of days.
regards westan
I find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]
Westan, what is the population for Wanaka ?
WANAKA is by Lake Wanaka in the Southern Alps and is a predominately
tourist and holiday centre. Treble Cone and Cardrona skifields are near
by. The Warbirds Over Wanaka Airshow in April (usually in Easter weekend)
is an awesome show but unless you’ve booked accommodation you won’t find
anywhere to stay within 100 kilometres – it’ll probably attract about
50,000 visitors. There’s the MAZE in Wanaka if you like solving puzzles.
It is an excellent place to while the day away.Pisces
Hi pisces
the pop i’ve got here says 3,273.
Yes i might go and see those planes. I loved the maze also i went there with my 10 yr old son when i was living in Oz. its a great place the snow was about 150cm , really nice.
That little town i mentioned that is being subdivided is Luggate, 13km southeast of Wanaka.
i’m thinking about buying some land near one of the lakes (but i’m not saying which one [:p]. because then all you guys will get in before me.
regards westan
I find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]
How far from Gore is it? I spent a few yrs living in the UK about 14 yrs ago doing the aussie thing in London. I lived in a house with a girl from Sydney and 6 kiwis. Mostly from down Sth Sth Island.
I have only been as far Sth as Hamilton. I was supposed to to travel down there but fate got in my way. I met my wife in Canada and stayed there longer and had little time before i had to get home for xmas.
A few of them really cracked me up. One of them used to go to the market in thongs and a T-shirt and reckons London was like Gore weatherwise.
They were great days. Why do we have to grow up, marry and have kids? Stop complaining – got nothing really to complain about. But i do have fond memories of those days.
Imagine how rich I would be if I did not discover pints and travelling.
Probably intolerant, bored and naive like my mates who have not travelled.
Hi Sue
There was a question what the market was doing. I was saying what the market was doing, what the confusion was. The Owner feels he wants 900 or so. The real estate did say they aim to get the people in…suckers….sorry, the property is worth the money
I rather be up front, this is what I want, not try and second guess. Personally I think the agent tactics to be leading his seller down the merry path…
Doesnt look liek he is doing a good job though.
For me if I saw $850k+ I would walk awayThe proposed subdivision in Luggate [mentioned above] is potentially a very good investment.
The developers are highly respected and successful business people in the district and have considerable experience in the planning and environmental process.
However, this subdivision is still only proposed and must be submitted to the Queenstown Lakes District Council for approval – which can be a difficult and time consuming process in itself. There is also the possibility of Environment Court intervention which could delay the project for up to 12 months.
Those who seek further information should be prepared to “hold” and not proceed with the sole intention of “flipping” the site prior to settlement. Although a short-term profit is not out of the question, land in this region is reaching peak valuations for now. The benefit being demand continues to exceed supply.
I am personally not involved in this subdivision or any business relationship with the developers.
— Michael
If I saw $850K + I wouldn’t be interested in offering more than $850K.
Now if I saw the ‘buyer range’ of $850 – 920K’ I would think that they wanted $910K. If they’re not prepared to accept $850K I just don’t get why they put that in the range. I guess it’s like with auctions – the agents will try to talk the purchasers up (by quoting lower price range before auction) and the vendors down (on the day when there are no buyers at the previous figure that the agent had quoted).
Cheers
Mel
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