Real estate rant.

HOW is it possible that a house which is quoted at $570,000 - $620,000 ends up selling for over $777,500? Here, have a look for yourselves : http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=106082737&f=0&p=10&t=res&ty=&fmt=&header=&cc=&c=63797197&s=vic&snf=rbs&tm=1258283051

If the link is gone by the time you read this then take my word for it. Don't get me wrong, the house was nice and renovated and presented well, but it was only 3 bedrooms and a very tiny backyard. While speaking to the agents all week, he never indicated that interest in the place was anywhere above mid $600's. That is all the house was worth. Added to this were issues regarding the front fence which had not passed inspection and also a special overlay due to the house being in an area prone to flooding. This didn't stop some family from shelling out $777,500 for it. This is just crazy!

So was the agent lying all this time, did he truly not know how hot the market would be on the day? Are people that lazy that they will pay massive top dollar so they don't have to renovate an older house. There are houses nearby which would sell for under $600k and for another $100k would end up just as nice as this one. Just seems ludicrous to me.

Maybe they were victims of the GFC and have to downsize from a Brighton palace to a Moorabbin home, just had a lot more money than us normal folks.

Anyway, rant over, back to the TV.