The deluded

As the agent says, it's a prime investment - for the vendors. It cost them $47,000 in 2001, no you're not reading that wrong. Mind you, this was way back when houses were somewhere you lived and not something you got an erection for, then ran to the bank asking for 30 years to life.

See things were a little different in Tasmania, there was honour, innocence and common sense. You bought a house, you sold a house, you might have even lost a couple of bucks, but it was only ever a couple and it didn't matter - because your neck was never on the line.

Then credit exploded and mainlanders arrived, buying up every house they could and renting them back to the locals. That's how someone had the audacity to ask $319,000 for that heap just over six months ago. Thankfully no one is that stupid and it's just been knocked down to $265,000. Still, there can only be one loser in this situation - the buyer.

Cause it's important to see where this house has come from, then ask yourself the question - does even this discounted price make sense?

1984 - $33,500
1986 - $34,500
1991 - $50,000
1991 - $57,500
2001 - $47,000

2010 - $319,000 - $265,000 - I pity the fool.

Now I'm not even going to pretend those prices are worth it.
It's big - electricity is going up 16% have fun heating it.
It's old - hello money pit.
And the windows look like they need a crowbar to open.


Six months and no bid, maybe honour, innocence and common sense are returning to Tasmania.