property update from my area

I went to an auction today for a property high on a hill overlooking Port Philip Bay.
The adds say $800,000 + So I go along and see around 70 people at this auction.....It took 10 minutes to get a starting bid at $650,000 and after half an hour including several vendor bids it got to $740,000

I realised as I went home and passed 10% of homes with "for lease" signs on them that have been that way for around six months...

My mate Stavros at MPRE has taken s weeks holiday as he says the market is dead...so we must be at the top waiting to come down the other side.