Two more interesting examples

I don't have time to see too many properties that I am not interested in. I rely on the price ranking function of Realestate.com to work out what the agents/vendors are expecting. Just last week, came across another example. A duplex in Mosman that was ranked around the $1.5M range on the website was sold for $1.1M.

A house in Greenwich was asking $1.69M. It was sold for $1.58M. Think when it was first listed last year, the owner was expecting $1.75-1.8M.

On the other hand, to be fair, the market is not totally inactive. A few houses in the mid to high one range did get sold. Prices for those houses were probably $1-200K lower than what they would have fetched in 2008.

I guess the lesson is buying a house is like having a job. The harder you work the more likely you will end up lucky.