Great breakdown, sharing this one on Facebook for all the negative gearheads out there.
I remember before I left Melbourne, I saw a one storey townhouse in Fitzroy North go for around $700,000... we thought that was excessive. $5 MM for an average block of land is really over the top.
When it finally comes crashing down, I might consider coming back to Aus to see if I can scoop up a bargain. We'll see.
That Kew property buyer was a Chinese guy who wanted his kid in one of the local private schools. A lot of the impulse bidding is people fed up with getting out bid at auctions for the past three months. It may come back to haunt them. If so, cash will be king.
Thanks for sharing the post.