Domainfax suggests you “pick up a bargain”

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Lol, wankers:

Buyers are in a prime position to pick up a bargain home for Christmas, with some vendors opting to discount their property rather than sell next year.

Charles and Carol Matthews are so keen to shift their home before the year ends, they shaved $50,000 off the asking price.

After 14 years at their four-bedroom home they listed 583 Malabar Road, Maroubra in early-November and have dropped the price to $1.85 million.

The sudden discount is a strategy to revive interest after sitting on the market and in the few days since slashing the price, inquiry has surged.

…”We’d missed the bubble, saw common sense and took [$50,000] off, but we’re not knocking the price down any further,” he said.

Vendors are acutely aware that if they don’t sell over the next few weeks, it’s a long wait until late-January and they’d be competing against a wave of new listings, he said

So, tell me again why anyone should “pick a bargain” now then? I suggest a better strategy is to wait Mr Matthews out and watch him panic as the economy steadily falls apart.

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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