What GFC?

Sometimes its hard to believe that we’re in the middle of a Global Financial Crisis, especially when you read articles like the one in the Herald Sun, here is an extract (http://www.news.com.au/heraldsun/story/0,21985,25703449-5013926,00.html):

HOME hunters locked in bidding frenzies are pushing the prices of some properties through the roof.

Four bidders went hammer and tongs for a house in King St, Richmond, at the weekend, pushing the sale to almost $100,000 above its asking price of $620,000.

Eventually it went for $718,000. The price for the imitation Edwardian was touted in the $550,000-plus range during the campaign.

Even more spectacular results were achieved across the suburbs with even bigger margins.

Staggering results and a record price for the suburb saw do-or-die bidders vying for a parcel of land in Brunswick, which sent it almost $1 million over its reserve.

Quoted at $1.6 million, the block sold on Saturday for $2.58 million. Edwardian "Illoura" in Kew, advertised in the $750,000 plus range, changed hands for $915,000.

The weekend clearance rate of 86 per cent kept the overall clearance figures above 80 per cent for the seventh week in a row.