Information about work, life and play in Regional Australia

Thursday, October 26, 2006

Regional Australia Real Estate - Heaven Sales

I was fascinated to come across the term "Heaven Sales" applied to regional real estate. I knew the phenomenon but had not heard the term.

Regional people are not dumb. Because of the still large gap between metro and regional real estate prices, some people are putting houses (often on acreage) on sale on-line at inflated prices in local terms hoping to attract city buyers who simply do not know better. If they sell, they are in heaven, hence the term. And some are selling.

The problem with this approach is that it distorts the local marketplace while leaving the city buyer with an over-valued asset. So while real estate in Regional Australia still offers very real bargains, please check the local market place before buying that apparently attractive property.

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