What did you think it would go for? I wasn’t going to be happy until it went for $1.25 million.
The purchasers, who were buying because they couldn't travel outside Victoria, were competing with other buyers frustrated by Melbourne's lockdown.
What was surprising about it?
Most people, when they buy a second property, will say, “Why did I buy that?" That comes to anyone indulging in a discretionary thing. But it doesn't last long.
We don’t need it but we’ll buy it. We need to go somewhere.
— Agent Liz Jensen, describing her buyers
This is different. This is more, “We have to buy because we can’t have a holiday anywhere else and outside of the Mornington Peninsula there probably isn’t any place we want to go to. This is more convenient."
There were several buyers vying for that property. They all seemed to fit into that same profile: “We don’t need it, but we’ll buy it. We need to go somewhere.”
It’s just like, “I would rather do something else with the money than this, but I’m not going to do it anywhere because I’m locked in the state, in this God-forbidden state, and I’d rather be here than Melbourne. Or, my kids are telling me I’d rather be here than Melbourne.”
They say, “Is this really going to make us feel better?” I say, “Yes, you’ll walk along the beach and there’s nothing better."
It emanates that original beach house feel.
Although much-renovated, the beach house in a central location was "good real estate", the agent said.
Is it a bit rough?
They look at it and go, “This bedroom’s got funny joins." I say, “It’s a beach house that’s had many years of holiday renovations and makeovers."
They say, “We don’t know if we really like it.”
I say, “You’ll love it when you’re here and there’s not another one you can afford that is this good.”
Do you reckon we’ll see another result like this: a) next week b) next year c) next cycle d) never?
As soon as we get out of lockdown, I’d say there’s going to be a running race to get down here. That’s what it feels like, in terms of building interest.
I've got more of these. I’ve got them all over my dining room table – I’m working from home. They’re similar – not-so-flashy houses in good positions. Good real estate.
We’ve only been in lockdown for 2½ weeks now and we’ve still got another 3½ to go. That’s if we’re lucky.
The Link LonkAugust 24, 2020 at 07:44AM
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'We have to buy because we can't have a holiday anywhere else' - The Australian Financial Review
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