My secret agent in Canberra keeps sending me clippings from THE CANBERRA TIMES to keep me in the picture of what's happening in the real estate market all around me.
"There are signs buyer FOMO could be fading on the South Coast, after a pair of high-end homes in the region failed to sell at auction this month. A holiday home in Mossy Point, known as Pete's Jetty, was expected to break suburb records when it went to auction on April 3 with a price guide of $4 million-plus. But despite a number of genuine enquiries on the waterfront house, the property was passed in on auction day with a $3.8 million vendor bid. It's now listed for sale by negotiation", reads his latest clipping about a spectacular property which so far has failed to sell - click here.
Another property at 33 Cors Parade, North Batemans Bay is also still on the market after it was listed in October 2021 with an asking price of $2.5 million to $2.75 million. The four-bedroom home now has a guide of $2.4 million to $2.6 million on it. As one agent observed, "I think people are just stopping and thinking about, do they want to spend this kind of money, especially if it's a holiday home."
Yes, the Fear Of Missing Out is fading!
P.S. Five days later, and 33 Cors Parade has been taken off the market! A case of FOSTL - Fear of selling too low??? (I've just made that up)
