end of the line for the speculative mania, page-206

A plain house in an average suburb has sold for $2.385 million as desperate buyers keep blowing their budgets

September 07, 2013

http://www.news.com.au/finance/real-estate/a-plain-house-in-an-average-suburb-has-sold-for-2385-million-as-desperate-buyers-keep-blowing-their-budgets/story-fncq3era-1226714027139


Desperate buyers paid $1 million above reserve for a plain house in an unremarkable Sydney suburb late last year. This was a classic sign of a property market peaking.

Unfortunately desperate buyers who blew their budgets to buy a house become desperate sellers after the speculative mania ends. The mood of the herd is starting to turn.