Port-Hedland-House-Auction...

[willair]

Even with this house being past in,from the purchase price 1.3 mill four years ago,and passed in for $360,000,must be a risk blind person that paided that price thinking it was going to double in that time frame from what they were maybe told from the property gurus that were sold on the area,Qld also has several towns about to go through the same ..

http://www.abc.net.au/news/2015-02-...ction-after-million-dollar-price-dive/6077724

 

[Ausprop]

why would they even take that bid? the spectator was right when they said it was an extraordinary event.

note that in WA not a lot of properties get bids at auctions, few sell in this format.

 

[Jess Peletier]

All I can think about is how sick the vendor must be feeling right now...

There are a lot of people in similar circumstances in both Hedland and Karratha. The killer is they buy in these places with no plan, risk management or exit strategy.

It's really sad - that kind of thing ruins lives.

 

[datto]

Wait for next resources boom and sell for bigger profit then or sell now and use losses to offset future profits.

 

[wategos]

Many warned about the stupid prices and rents in mining towns, they just got labeled as doom and gloomers. Greed took over.

 

[Jenko]

And Crawford Property group are still spruking about the place.. Gee I wonder what their pervious clients are doing..

 

[Jess Peletier]

You have to admit - if you thought Hedland had any kind of future, now would be the time to buy. You know what they say about blood running in the streets. ..

 

[gronk007]

"Real estate agent Barry Walsh said it was a sign the mining boom's construction phase, which drove property prices to unrealistic levels, had tapered off"

Understatement of the millenium.