Post to Facebook on 29/12/2019 9:45 AM
Commenting on “Melbourne auctions: Homes smash reserves by six figures on busy summer Saturday
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When I first look at the address of this auction property, a house with two consecutie numbers 14-16, I thought it was reasonable to fetch $1.226 million, since it sat on two blocks of land presumbly each was of standard block size. Until I read the article a bit further, I realised the land was only 415 sq metres.
I am very crossed with some of these downsizers, who probably have no idea what they are buying. They distorted the market, and deprived firsthome buyers a chance to get into the market.
Maybe this buyer knows something I don't, because the combined block can't be subdivided, and it will be an architectural eyesore if the existing building is demolished and a double storey dwelling built on it.
Since I do not know the age of the buyer, I can only speculate that it is purchased to park their money. At present, the primary residence is taken into consideration for asset test when one applies for pension. One becomes penniless if all the money is poured into a property.
I am speechless!
Thank you for reading.
Commenting on “Melbourne auctions: Homes smash reserves by six figures on busy summer Saturday
”
When I first look at the address of this auction property, a house with two consecutie numbers 14-16, I thought it was reasonable to fetch $1.226 million, since it sat on two blocks of land presumbly each was of standard block size. Until I read the article a bit further, I realised the land was only 415 sq metres.
I am very crossed with some of these downsizers, who probably have no idea what they are buying. They distorted the market, and deprived firsthome buyers a chance to get into the market.
Maybe this buyer knows something I don't, because the combined block can't be subdivided, and it will be an architectural eyesore if the existing building is demolished and a double storey dwelling built on it.
Since I do not know the age of the buyer, I can only speculate that it is purchased to park their money. At present, the primary residence is taken into consideration for asset test when one applies for pension. One becomes penniless if all the money is poured into a property.
I am speechless!
Thank you for reading.
