You can’t keep a good fluffer down and Domain is at it again today aiming to massage some wood into Melbourne property:
The property: A five-bedroom house at 19 Moorhouse Street, Armadale, VIC. Sold at private auction for $7.52 million.
Was it overpriced? [Carla] No, I don’t think so. I believe it sold for fair value. There were several people bidding above $7 million. To me that indicates true market value.
What was surprising about it? [David] This is a new paradigm – there’s a renewed surge in buyer interest because of the shortage of houses. marketplace. It’s time everyone had a Panadol and a good lie down.
Usual pattern. One auction. No data. Heaps of fluffing.
Yes, it is a new paradigm. As one MB reader called it “shrinkflation”. That is, transactions are falling faster than credit and price growth is contracting to several shrinking specufester enclaves.
Unfortunately for them, these are the same jurisdictions where building is going completely nuts.
It’s the last spurt of the boom before it dies.
