We only want what we can’t have
Cold feet. Everyone is having it. But Sydneysiders can’t deal with it.
We prefer some kind of mania, buying when the hysteria is high, along with the validation of others. Hell, Sydneysiders even line up for certain loaves of sourdough.
The saying goes “we want what we can’t have” and perhaps hotly contested property is an extension of that.
The new reality is fewer people are fighting over property in Sydney, sometimes coming down to one buyer, one property. Multiple buyers on Friday can turn to a solitary buyer by Saturday auction. You’d think that might evoke opportunistic bidding. Nah.
That notion was reflected in one interesting auction scene when eavesdropping last weekend, the auctioneer hollering: “Do we want to buy this home only because someone else wanted it? Or do we want to buy it because it’s the right one.”
It seems when we’re the only buyer and left alone our world becomes unfamiliar. You could see people having their ‘why am I the only one who wants to buy this?’ moment.
The hammer fell and the home did sell. But only to someone who’d done months of run-around inspecting. They didn’t need any more reassurance. If this had been a first timer, who knows?
It’s erratic and that assertiveness comes in mysterious waves.
A big power move we’re seeing is the ‘unconditional offer’ from buyers. This was a modest advantage in recent times, but now a signed contract with no strings attached has become more convincing.
With investors uncertain they can get finance, and lenders no longer fighting for new business, anyone with an unconditional contract holds more sway with sellers than they did last year.
Vendors at this Marrickville townhouse made it clear they would sell around $1.2 million and when an Eastern Suburbs buyer saw value the offer was $1,250,000, in writing, and unconditional.
At 7/92 Buckland Street Alexandria it was announced, $2.1 million would buy the home, and the only buyer in the room bid $2.1 million. Sold.
At 745 Bourke Street Redfern the owners wanted more than $2.6 million to part with their terrace. It passed in at $2.48 million and got to $2.52 million post auction.
When the bidders viewed another house that afternoon and were underwhelmed, the bid was increased to $2.605 million and the property sold. It just took a few hours to rule out other options.
This terrace in Wilson St Darlington sold at 7pm for $2.13 million to someone who inspected five hours earlier. They’d made middle-of-the-road offers on properties in Redfern. But when a more substantial home came up in Darlington, they wanted a quick conclusion.
A handful of people still go it alone, engage agents, or act without the fanfare. There are still buyers in the market who’ve done their due diligence, unsuccessful in the past, and know what they’re looking for now.
But plenty of people are on the fence, only chasing something if someone else wants it too.
For them, fomo is the only stimulus.