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This place tried to private sale for $1.3m around 1 month ago (so basically his reserve). Didn't quite get it through a silly private campaign (not even on internet, just signage outside the house). He rejected an offer at 1.15m during the private sale campaign. So now this cheapskate (who...

Happens from the upper end.

Underquoting happens everywhere. I'm looking at this place that's quoted 670-730. It's the same as its neighbour which just sold for 1.1m a few weeks ago. Hah

I think the pool of buyers has certainly gotten more international, and this is not necesarilly just because there are more overseas buyers. It's also because as a developed, fairly advanced country, we are embracing globalisation quite quickly. Many of us have been overseas, lived overseas...

Yep, but it also means locals are adjusting their price expectations so it's not like they're being priced out by foreigners

Yep same observations. Blue-ribbon eastern suburbs seem to be where they are, not north/west/inner city. Maybe bayside? But not that big a market too.

Haha what you talking about...? :confused::confused: All I'm trying to say is this. People on this thread are complaining about 'foreign buyers' pushing the market up (especially Chinese). Some of you then cited some anecdotes about how Chinese are buying in outer suburbs. All I'm asking...

Are we talking about the same sort of Chinese ...? Local Chinese are actually Australians even though some might not like to think that. Why don't you come to some auctions in Carlton next week and count how many Chinese you can see? Not sure if you can tell the difference between local...

Agreed. In fact, forget about fringe suburbs. You won't even find the Chinese in inner city places like Parkville, East Melbourne, Carlton, North Melbourne, South Melbourne. So what's driving those places? I check out these places every weekend and rarely see Chinese buyers. People always...

What interest free loans are you talking about...? Middle class Chinese earn about $3.0k a month in RMB? As for wealthy, well my friend just bought another place in cash because they run a business that makes cash profits. So not sure what loans we're talking about here. Anyway when I...

Oh I said that earlier too, just as there'll be rip-offs even in a quiet market.

Or they could also give everyone a free house. Would love to see intrinsic value then.

There's still value in some spots. http://www.realestateview.com.au/Real-Estate/Property-Details-buy-residential-1556116_S.html This is essentially Nth Melb (just across the road, although it falls into West Melb). Sold for $50k more than reserve at $1.35m. The same thing, an hour...