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The Melbourne market today, page-2

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wiskers

1,554 Posts.

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21/04/24

13:49

Post #: 73443992
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Originally posted by MasterStrategist: ↑

I was advising one of my private clients on a Melbourne auction today. All indications based on recent comparables suggested he could be the successful buyer for circa $1.4 to $1.5 million max (indeed, the reserve was later revealed to be $1.45). In any case, I started the bidding with a reasonable entry bid of $1.1, which the auctioneer accepted. But from that point on the bidding was frantic (multiple bidders) with the successful bidder (not mine) securing the property for a touch under $2 million - circa 25% above the reserve.

Granted it was just a one-off example, but it demonstrated the ongoing strength of the market where the dictates of the current demand and supply dynamics reign supreme.

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Mostly one baby boomer selling to another baby boomer or someone from overseas, not to many baristas buying.

Bring on increases in land tax to fix the housing issues, do not use interest rates as that hurts the poor.
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