he days of the bull run are over, said John, standing on the street in Redfern as we watched a tepid auction over a terrace not so much unfold, as haltingly and painfully reached some kind of an ending.
John was filming this auction for a segment on the ABC 7pm news bulletin. And the story? A slowing market. It was the first weekend since theand there seemed to be, as they say – a vibe shift. Prices are still stratospheric, of course.
Afterwards, I had a coffee with my friend Nick, who shook his head and cursed auctions. “It’s a horrible, horrible system – such a stressful process and results in you locking yourself into servitude for decades.”– down from 80% last October. But it had already dropped ahead of the RBA decision – perhaps in anticipation. It was 66% on the last weekend in March, and 56% last weekend.“You need to bid to get it.
“Better not put your hand up mate – you’ll be the owner soon,” said some wag in the crowd, breaking the tension and everyone laughed, and even the old punk smiled.Then on to Parramatta. This one – a three-bedroom house on a large block, in a quiet street at $1.5m would surely attract plenty of bidders. I was willing to stake a $90 Uber trip on it.
Doubtful. Only thing that will break it is changing negative gearing forcing investors with 3+ houses to sell them. Otherwise its businesses as usual