I went to few auctions to see how it works
The few houses i visited are very bad , good for nothing other than the land price
But saw quiet few people seriously bidding on it
I have checked everything - it is old house and visibly needs very good renovation
very far from school
very far from public transports
not in a convenient location too
land size is also <300 sqm
basically , if I want to buy such a house i can't go above 400k
but in auction people went over and finally it stood at 650k and then agent still persuaded others to bid more which then started more bidding and finally got sold for $680k
The agent being friendly told me after the auction that reserve was $450k and vendor is really happy
But I was wondering what made the buyer to go for such high price!
Seriously for $680K , so much better house with large lot close to all amenities were all available and easily
Seeing this , I believe there needs to be some common sense used by buyers to assess what they are paying for!
I see reasons for increase in house prices due to
- People who have lot of money from the home countries and buying land here
- Real estate agents who can sell houses not worth the amount to much higher prices
- People who think that if they dont buy houses now will never be able to buy
what do you all think?
Is it not a inflated market and certain section of people intentionally keeping the prices high?
And a real estate agent tells me that people queue at their office from 9 pm the previous night to buy a lot in their new release and even if the go for toilet , they will lose their place in the queue.
Seriously!!! Is house and land seriously not available much? The publications like domain and herald sun keep writing stories that create a fear that houses are really getting out of reach!
Is there a way to find good houses and which are worth their right price?
Is there a way to avoid real estate agents when you buy a house( they may be needed for selling house but for buying they should never be used) Thats what I feel