15%

June 22, 2012

This week, I found myself having a chat with one of the new bosses. He was telling us how he had just purchased a house with his wife.

“Last year,” he said, “it was going for a million dollars.”

“This year, the real estate agents were telling me that nothing is moving, the top end is stagnant and they’re looking at fifteen percent drops. This particular house – sitting on the market for a good 9-10 months.”

“So let me tell you about this million dollar place: 600 sq m, inner eastern suburb, newly renovated, enough room so the relatives can visit and close to good private schools with transport links.”

“I got it for 700k.”

Me: “That isn’t 15%!”

“I know! I expect this sort of thing to happen more and more, but you’ll never hear about it in the news.”

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