Sunday, 19 October 2008

[PropertyInfo.032] Is first homebuyer grant rise really going to help?

Auction Result
There was this house at 55 Dunlop Street, Epping going for Auction last Saturday (11th October) with an indicative price of "over $1.4 million". It was a nice Binet Home house just built in 2002, pretty close to where we are, and therefore we have been paying close attention to it. You would have to be extremely fussy like us, to pick up a few things: only 2.4M height ceiling, no living areas upstairs, and ground floor not leveled - with two 3 steps stairs within the house to enter kitchen and other areas at the back of the house. Other than these, it's a very nice house.

We thought the auction was at 2:30pm, and as we have visited the open house a few times, we got there that day around 2:20pm just to see how it goes. Unfortunately, I made a mistake, the auction was actually scheduled for 2:15pm. Surprisingly when we arrived there, it already finished! We ask a few people how it went and was told, it started at $1.4M, no one bids and it ended straight away. What a shocking result!

As shown below, it's now listed for sale at $1.485 Million. Well, good luck!

Don't be too greedy!
I then saw this news from with the title of "House prices up as greedy cash in on first homebuyer grant rise".

The article talks about:
"GREEDY home sellers are taking properties off the market and re-listing them at higher prices in an attempt to cash-in off first home buyers."

"Vendors are already asking to re-list their property and if we tell them it's not an achievable amount, they take their business to a different real estate agent with promises of greatly inflated prices," a real estate agent, who did not want to be named, said.

Well, again, good luck! How can you blame the greedy traders in Wall Street if you are also doing something similar? I guess we are just ordinary people, who doesn't want a few extra ten/twenty thousand dollars for nothing?

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