From a real estate colleague of mine in Melbourne:
I just wanted to give you an example of how heated our property market is.
A property a couple of doors down from where I live (Glen Waverley) sold by private sale in early July 14 through Hocking Stuart.
The property was on the market for about 5 weeks before it sold.
The property sold for $1.1 million to an Indian investor – which is overvalued by about 20% – but it is about what you would expect in this market.
After a 30 day settlement the property went up for auction with Ray White at the start of August 2014.
The auction was on Saturday (6 September 2014) and sold to a Chinese man for $1.365 million.
That is an increase of $265,000 or 24% over 60 days.
Glenn Waverly is a fancied area of Chinese buyers. Hit the bid, peeps!