I cannot believe what is happening at the moment.  We are in Melbourne and have been keeping an eye on a few suburbs around our area and we are finding that most properties are now going to auction as auctions are bringing in above average prices.  Everything is selling, no matter the condition, at 30 – 40% above price quoted.  I was looking at a property in February this year in the Broadmeadows area (three unit site with knock-down home) agent was struggling to sell it at $220,000.  Last week drove through the area and enquired about a different property in the same area (4 unit site ) and was quoted $430,000.  Guess I should have bought that 3 unit site back in February!

Went to an open for inspection property in Maribyrnong last weekend to see a two bedroom unit which needs major renovation and will be auctioned within 2 weeks.  This property is one street back from the river.  People were everywhere and we had to wait to get inside just to have a look.  I think I can estimate what will happen here yet again.

I am feeling a little unsure about this madness.