Baby Boomer ‘heartbreak’ as Chinese flee Chatswood


By Leith van Onselen

In what reads like an article from The Onion, a Baby Boomer family who inherited a house from a deceased parent has been left “heartbroken” as the home was passed in at auction for a “too cheap” $1.7 million. From

Just two bidders competed for the three-bedroom home on a 757 sqm block at 17 Beresford Ave, Chatswood and agents couldn’t get them to offer even $1000 more than the vendor bid of $1.7 million.

After the gavel fell, Karen Davis, of Standen Estate Agents, said: “Last year our vendors might have got $2.4 million for this but now we’re having to ask them to consider $800,000 less than that”…

After the gavel fell, the agents managed to get the bidder up to $1.67 million, but it was still a way off the $1.75 million reserve.

“Yes we are heartbroken,” Mr Kerr said. “We expected to get something more reasonable than this. “This is garbage.”

Mrs Kerr, whose mother, Yvonne Foster, had lived in the home up until four years ago when she moved into a nursing home. She passed away about a year ago…

“What’s being offered now is just a bit too cheap,” Mr Kerr said.

Chatswood is, of course, the nation’s most popular suburb for Chinese buyers. So what Ms Kerr is really “heartbroken” about is the fact that Chinese capital flows have evaporated and Sydney’s real estate is not being sold-off to the same extent as it was before, to the detriment of young first home buyers locked-out of the market. Ms Kerr is heartbroken that she can’t earn as much windfall wealth as she would have liked.

The Tweets reacting to the article summed up the sentiment well:




Cry us a river.

[email protected]

About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.