Auction Madness

Interest rates have just jumped .2 %  because Westpac wants to and the other banks are going to follow. Rates are at rock bottom and the only way is up over the next few years, so does that mean a slight drop off in housing prices?  Well five doors down from us was an auction today. We got back from our walk just in time for the result. The house is nothing fancy. Needs a bit of work! It's a weatherboard with an iron roof that leaks! This is where the work is. You'd have to think under a million. Wrong!  The auctioneer was literally dancing in the street. Multiple bidders would not let it alone. For at least 45 minutes he kept coming to the third and final bid. So it went for $1,520,000.00 that is around 40 times the price we paid in 1980.

Auction tip - install an Aussie flag!