I know something is up when I suddenly get multiple calls from friends or contacts who know about what I do here at RunningStream. These days, the calls are enquiring about Melbourne properties. (which is fine.) Specifically, about investing in Melbourne CBD apartments. (which is NOT fine.) I know then that my friends must have seen the news about the cut in the Australian interest rate, cheap AUD, the inherent stability of the Australian housing and the accelerating growth in home prices. Everyone wants to jump onto the bandwagon of owning an Australian property these days.
Many agencies here in Singapore are selling Melbourne inner-city properties in Southbank, Docklands, Queen Victoria Market or Flinders and Spencer Street in the CBD. Go to any website and you will likely see advertisements on a property fair featuring these CBD properties. Many local investors buy into the advertisements without fully understanding the situation on the ground. I have already said my piece in an op-ed written last year after making a business trip there. (http://www.runningstream.com/staff-blog/on-the-ground-in-melbourne).