Parked

Hobart generally escapes the wrath of this blog, not for any positive reasons, but because in such a small state the presence of a lurching bureaucracy helps to insulate the Hobart economy. Sales falling by 16% doesn't look scary, when others around the state have been base jumping without a chute. When you're pissing everyone else's money up the wall it stands to reason you'll eventually become a spendthrift yourself; even luckier - you're rarely subject to market forces - while all those other poor saps around the state lose their jobs, your hardest task will be thinking up silver lining communication strategies.

As the state moves from balls up to balls up, not one advisor, or communications douche, will get their marching orders in an effort to tighten the purse strings. In times of crisis, the skills of the bull dust artist are needed more than ever - someone has to pull the wool.

It's why you'd suspect the sale of this house has come about because its owners live in the real world...

...well kinda... only a short drive from Hobart it was purchased for $365,000 in April 2008, by November 2010 they wanted $460,000 for it. Fifteen days later they realised that was dumb, or they couldn't indulge their greater fool delusions for too long. Now it's down to $400,000, hoping a director of communications might fall in love.

Now when you're a reasonable distance to Hobart - with a tree - asking $400k, maybe you can snag a sucker. Unfortunately, if you're way back out in the 'burbs - with a heap of bark - asking the same for less, you're going no where fast.

That's a spec and it's empty; another one of those empty houses eroding the shortage myth. The builder should be reassured though, because the HIA keeps telling us Tasmania is building 200 fewer houses than it needs and if you keep saying it, someone will eventually get scared and buy this house - unfortunately it might be at a mortgagee sale. Listed back in May with a price of $475,000, it's now down to $400,000 after a luckless two month spell at $440,000 in between. 

How long can someone afford to hang onto this thing? How much can they afford to lose? And given that picture is seven months old, are the weeds in control of that bark garden yet?

Being passed over for seven months, even with a nearly 20% discount, what will it take to remove the wheel clamp on this house?

The right buyer or the right price?