No they didnt want too much for these properties. At the time there was a plethora of auctions, and there just weren't the buyers to go around. The areas you mentioned have generally hit the top, and I would not consider them to be good value. I have occassionally seen some reasonable buys in Burwood and Mt Waverley, the outer of the suburbs you mentioned.
Copydog, in this instance, the house was a primary property purchase as I sold my other house to be closer to the city. I'm not going to mention its cost publicly, however, I have followed the property market for a long time and am always on top of the going prices in the areas I prefer. I regularly attend auctions and sales, although I havent in the last month or so. The day I bought was 4 weeks after the AFL grand final, which is traditionally a time when alot of proprties go on the market. On that day, there was a very high pass in rate.
I just don't agree that there's going to be a property collapse. What is a property collapse anyway? My theory for investment is to buy quality, close to transport, because when times get tough, the cheapest places cant be rented, the better places can always be rented at lower rates. Over time, property will rise. If you are looking at a short-term proposition, property is not the vehicle to place your money in. I always look at property as a long-term, income producing, low maintenance asset.
My aim in life is to own enough property to produce enough income to support early retirement without the need to continually watch and worry over its performance, as is inevitably required with shares.
