I went to an auction this weekend hoping to snap up a bargain. There was this little run down house quoting at $260,000 near mum’s place so I thought why not. Guess what the first bid at the auction was… $300,000!! And it just kept going up and up, finishing at $380,000 - just for a 633 sqm block of land with a house that needed to be demolished.
Property prices are on the way back up I reckon. I’ve got no idea where people are getting this sort of money from. One of my theories is all the overseas people migrating here. People from India and China who have made their millions from their booms are now choosing to come to Australia so their kids can have a better education. One of my friend’s parents came over and within a couple of days, snapped up an apartment for their daughter to live in whilst she’s studying here - they paid in $cash$.. and settled in 2 weeks !!
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[…] year, I wrote that Melbourne property prices were starting to move upwards again, that rent rises wasn’t keeping up, and in mid this year, property prices were through the […]
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