The advertisement for the house said it would be sold for a price between 750,000 to 850,000 dollars. There were many people at the auction. I was not interested in buying it. I wanted to see how much it would sell for. This would give me an idea how much my house can be sold for if I decided one day to sell it.
Many people went inside the house to have a look. It was less than 800 square metres and it had a good-sized workshop at the back.
When the auction started, the auctioneer gave some information to the people attending on how to make a bid if they were interested in buying the house. He said that he would not accept any offers once the hammer went down. There was a reserved price for the house. If the price was not reached, the owners would not sell it. He also reminded everyone how the house was in a very good spot - close to public transport, good schools, the freeway and two major shopping centres.
The auction started at 800,000 dollars and in one minute it went up to as much as 880,000. People were bidding in 10 thousands. Tension was high for some people but I felt relaxed. I was not going to bid to buy the house anyhow. My wife was curious to know the final price of the auction.
Finally the house was sold for 934,000 dollars. The buyers were an old couple. I would have thought they were in their eighties. The lady was so excited when the hammer went down.
This is not all the money the couple will have to pay. There are some additional fees to be paid by the buyers. After paying these fees, the total price may go up to one million dollars.
Oh my God! One million dollars for an old house in Box Hill North! That is too much money.
It is too much money for me and for many people that I know. It is not too much money for others.
In Australia people buy houses in an auction or by private sale. Some rich people can pay all the money in one go. Many others have to go and borrow money from a bank. They pay the money back to the bank monthly. This is called a mortgage.
Still others can't afford to borrow money from a bank. They stay with their parents or go outside big cities where rent is cheaper. They try to save money to buy a hose in the future but house prices kept going up for a long time and this made it too hard for first home buyers.
To me the price of the house at the auction is too much. I think so because I live on a teacher's salary.
Think about these questions:
Do you pay rent or do you have your own house?
Do you pay a big mortgage every month?
Do you think renting is better than buying?
What suburb do you live in?
Are there expensive houses in your area?
Is your house close to public transport?
Do you walk to the shopping centre in your suburb?
How much do you think you can spent to buy a house?
Why do new immigrants find it too difficult to buy a house in Australia?
If you can buy more than one house, will you rent it out or give it to your child?
Is buying a house a big problem in your country?
Do you need to buy a lot of money in your country to buy a house?
Do you go to a real estate agent to buy a house in your country?
How many rooms has your house got?
Do you like to live in a house or a unit?
Do you live near any famous people?
If you have a lot of money, where would you like to live in Melbourne?
Is it a good idea to spend your money on buying a house or a new car?
Do you have any family members who live in expensive houses?
How many years will it take you to buy a house?
