Hey Goodfella,I just wanted to talk about the last line. Me and...

Hey Goodfella,

I just wanted to talk about the last line. Me and my partner have been trying to get a house for last 6 months. Honestly there aren't many good quality houses on the market. There are a lot, but a significant portion of them have issues like flood probability, not close to any form of public transportation (present and future expansion plan), some are outright unliveable (just being sold for the land), or lastly if everything is good then the property is like 40-45min drive from city (without traffic, it would be nightmare to drive to city during rush hour since both me and my partner work in the city).

Most of these people who are trying to sell, I guess were looking for quick bucks by 2024, but rate increase happened fast so they are kind of in water. But those who have good quality property are fighting tooth and nail to retain their investment.

Let me share a weird story. XD
I attended one particular auction recently, it was within 30min from city, good suburb. But the property was unliveable, the only land had value. So, when people bidding they were considering the cost of building. The agent wanted 850k, but they received only one bid of 550k, then someone bid 600k, but thats it. No one was bidding. the agents tried to coax the bidders to increase bid but both were reluctant to increase. Then the agent took the more willing one out of the two bidders, went inside for "discussion", after 30min came out and said the bidder has reconsidered and agrees to bid 845k. Then obviously sold to that bidder. Now I am not sure what happened there and why she suddenly jumped from 590K to all way to 845K to meet the expectation of 850k.I am sure record will show the property was sold for 850k. Since the property is valued based on relative valuation, I am pretty sure the land price in that area either went up or stayed in the place the agents wanted. I guess the property market hasn't crashed yet due to agents finding "creative" ways to keep the price in check.


P.S. I live in Brisbane.