Real Estate Market Wrap 🗞️ Lots of weirdos today

Stories from the frontline - including the standout Marrickville auction where a vintage three-bedroom charmer raked in $1.3 million, defying the odds in favour of move-in-ready homes. 

And I’ll share the results of the day's auctions, insights into buyer behaviour, and even the peculiar antics of a would-be buyer more engrossed in contract pages than the property itself. 

If you're curious about the real-life theatre that unfolds on auction day, or just want a few laughs and learnings from someone who's seen it all, this is one episode you won't want to skip.

My Clearance Rate: 6/8 SOLD

Transcript

Tom Panos 0:00

I had a guy walk in today , so the auction was hypothetically , I don't know like , say , 11 o'clock , right , might have been 11 , might have been 12 , 11 o'clock anyway . Cut a long story short , the auction has started . A guy walks in , passed everyone , walks to the front door the auction's being held outside and he turns around and just goes in . I actually say , sir , please don't go in . There's no one in the house . The auction's going . He goes no one , have a look . I said , sir , you can have a look at the end of the auction . I mean , think about it . There's no one inside the house . Right , he could go in and you know steal things . He said , no , I want to go in anyway , I go over to him . I said , listen , the auction's on , let's just finish in 5 , 10 minutes if it hasn't sold . Or I said , even if it hasn't sold , I'll get you through . He turns around and he says , no , I want to look at it now . It's a public auction . I said it's a public auction but it's a private property , end of story . I said you wait , when this auction's finished , a real estate agent will walk you through in the house and you can have another look , okay , or have your first look . He says to me he's going to report me to the government . So I look forward to him contacting the office of fair trading on Monday to tell him that he's reporting me because I wanted to not let him in the house till the auction was finished because there was no one in the house .

Tom Panos 1:43

And then get ready for this story gets even more exciting . Property doesn't sell . Well , they then say let's take you through the property . Watch your name , watch your mobile . No , I'm not giving it to you . Like , seriously , what do some of these buyers think ? That you can walk into people's houses without giving your details ? And he just kept on saying oh , it's a public auction , it's a private property , someone lives in the house , someone's house and , quite frankly , in the end it all got sorted . The vendor says I don't want you in my house . End of story . Anyway , let's get back into real estate results .

Tom Panos 2:23

Today I did nine auctions . Out of the nine , six sold . I actually ended up doing seven auctions . One did not , I'll just decline this . One did not sell , one sold prior and one was withdrawn from auction . So yeah , whatever , that is 60 percent . And I've got to say to you that .

Tom Panos 2:52

To me , yeah , my favorite auction of the day was a property that sold in marrickville a three bedroom unit in schwebbel street . You can watch that one online . A three bedroom unit that's like 50 years old , right ? Nothing flash , right . No brand new , no elevator , just an old unit in an ok street sold for $1.3 million remarkable . But it was beautiful inside , it was nice inside . So it's a case of hey , if I can move in and not spend a cent , I might pay over for it . That's why team don't do what my last auction had , and that is a investment property with tenants that weren't looking after the property and it was an absolute mess and man never sold .

Tom Panos 3:50

Because people don't want to go in and renovate , go on other days where . Give me the fixer up , I let me build my dream . Give me the blank canvas . Now they want the ready-made product and I tell you who does well , brand new ones . Because they've got that . You know , builders responsibility to fix things if they go wrong .

Tom Panos 4:10

The other thing that I find interesting is I had to delay an auction Because there was a buyer again wanted to go through , have a , you know , final look and I get all that sort of stuff . I understand it and then ends up reading the contract for around five minutes . I Don't even think the person knew what they were reading , because when I asked them I said can I help you in any way ? Would you like me to steer you in the direction of what you want to see ? It's just flipping through Like he's reading some boating magazine . I've never know . I said boating magazine . So that guy got upset as well and he didn't bid . That's the there's . No , he didn't even register , he didn't even register , he did not even register .

Tom Panos 5:03

So yeah , and I've got to say to you , like , if you're about to put a property on the market and it's an investment property , I honestly think you're gonna get far more money for it . If the tenants aren't really Meticulous in the way they keep it is that you know you style it . Put it in there , I mean . Or give an incentive to your tenants to actually keep it clean during the Marketing campaign . Give them , you know , half a week's Rent discount for the whole campaign . Each week they only pay half the rent or whatever , because you'll get it in your self-price . Or if you , you know , decide that you want to sell it with vacant possession and Actually have it playing , I would go in and style it , you'll get more money . So , team , that's the story . Anyway , six out of nine , next week is really the last week of auctions before Easter . I don't expect there to be any stock in Easter . Then we're gonna have lower volumes because you've got school holidays , easter , anzac day , that three , four weeks a bit of a funny period and then what you'll find is you'll get another run of auction campaigns Happening from , you know , around mid to late April , right all the way through to Jude . So , team , that's the story .

Tom Panos 6:29

Good to see you all , and I'm obviously very , very happy today because you know , those of you that followed me on a daily Basis know that I had a cancer test yesterday and it was all clear . Of course I'm always mindful of it . I've had cancer three times in my life and I'm just over the moon that my story hasn't gone as per what the prognosis Said . It would be with my diagnosis and Very , very happy . Of course , I still , you know , have a little bit of sadness and I don't . I no longer have survivors remorse . I had a bit of survivors remorse with the death of my brother , my young brother , who was my best friend and he only had cancer once and died very quickly and I'm still gutted but I don't have survivors remorse anyway . Team Signing off .