The Illusion of Affordability Recent auction results in Melbourne's outer east have highlighted a peculiar phenomenon: first time home buyers underestimating property prices by as much as 20% below the quoted range.
This skewed perception of market conditions has left many would be purchasers missing out on properties, raising questions about the broader implications for the housing market.
McGrath Clayton lead agent Elroy Malowney reported that one first time buyer submitted a bid of $190,000 for a two bedroom unit in Clayton that ultimately sold for $492,000.