after likely bell ring

Here is another singular example. My friend bought a large dump in East Bentleigh in Melbourne about 18 months ago. In what looks to be just when the bell was ringing the top of the market.

He paid $720,000 plus stamps etc, then spent about $150,000 repairing it. He still has the garden to go and a lot of the outside house to do.

You can buy a renovated equivilent house for $720,000 in the area now.

Yes he he hates looking at housing prices because it kills him. This house is for his family to live in. He was experienced in the local property market by having renovated and or subdivided properties for 12 years.

I personally thought he was mad buying when he did as I keep an eye on the macro world. He just looked at the prices going up and thought he was going to be priced out. He had been renting for 18 months prior. And could not bare having that money being given to someone else.

He borrowed approx $550,000 plus about $80,000 in maxed out credit cards.

Even though they know how much do do they are in, they still dont change their lifestyle too much. Not extravagent by any means but an expensive $20,000+ private school for one child was part of this. One eye sees it, the other eye is in denial.

And of course their income is dropping due to less work being available.

Looking around my area in Bayside the tumble is just gaining momentum. However, there are some properties getting into the range the sellers want.

Any other examples people can state?