Daily Mail’s trillion dollar blunder
The problem with basing your business model on lifting stories from other websites is that you lift the errors too.
Which strikes Dr Mumbo may well be the reason that The Daily Mail Australia is currently making a rather bold claim – it suggests that house sales in Sydney’s suburb of Mosman were last year close to Australia’s entire gross domestic product.
The real number is ONE THOUSAND times smaller
The Daily Mail’s John Carney reports: “A trendy Sydney suburb on the city’s north Shore has grossed a trillion dollars in property sales over the last 12 months.” Or, to use the punctuation of the headline, “ONE TRILLION dollars”.
And the hard working bankers of Mosman didn’t ‘quite quite’ there.
Ta Rob – typo sorted.
Tim- Mumbrella
Story of the week. Bravo.
I’m still confused with how the Spit Rd sale competes with “the best Brighton in Melbourne could muster”, considering Brighton ($5m) sold for nearly 4 times Spit Rd ($1.28m)?! Presumably he still thinks the Brighton house sold for $500k as per the first image caption…
And that huge error in the main premise of the article doesn’t even appear to have been lifted from Property Observer!
The rush to create a real estate headline with ‘a trillion dollar’ tag line just goes to show how out of all proportion and context property related stories have become. Across almost very publication, and on a daily ration there’s an apparent panic to keep constantly talking about real estate. Either a boom or bust or some form of record being broken apart. This stupid headline proves the point, a little more fact and a little less ‘fantasy’ would not go astray.
I grew up in Mosman.
My dad used to say you shouldn’t ask people where they live, because “if they live in Mosman they’ll tell you, and if they DON’T live in Mosman, WHY EMBARRASS THEM”
Apart from every single dwelling being worth a bazillion-squillion or more, if someone clambers up the property ladder to Mossie, they won’t be selling soon. They’ll be hanging on grimly or sitting back smugly. Especially the more expensive places.
Seriously, if you have a 4 to 6 million property, what is your next move? To another the same? To upgrade, it’s not like you can go up a couple of hundred thou, you really need to add quite a bit to get that better place.
What I’m saying is if you have a ppty worth $6m, you have to go to $8m to get an appreciable difference (closer to the water, better view, bigger garden, more bedrooms… that sort of thing).
And if you DO stump up for that eight million dollar property, you’d better have an extra five hundred thousand to give to the government.
So if Mosmanites sold a trillion dollars of property, the stamp duty would fund all government programs. And we’ll finally get those streets paved in gold Barry O’Farrell promised us.