In this week’s two minute property investment news video: $20b plan to improve Sydney’s infrastructure and illegal ‘collusive bidding’ is occurring at some auctions.
Sydneysiders can look forward to a big investment in infrastructure.
Just when you thought Sydney’s mega property boom couldn’t get any bigger, or better, a multi-billion dollar project could help confidence, create jobs and best of all, improve some of the city’s dreaded peak-hour traffic.
The New South Wales Government has announced a proposed $20 billion plan to improve infrastructure in Sydney and regional NSW.[sam id=37 codes=’true’]
Works are to involve changes and upgrades to the Sydney Rapid Transit line, a second Harbour rail crossing and an extension of the North West Rail Link through to the CBD and beyond Bankstown.
If it goes ahead, it could be another win for Sydney’s west, as it would make the cheaper suburbs that little bit easier to access.
Also, reports in the Australian Financial Revue indicate an illegal practice called “collusive bidding” is occurring at some auctions. The tactic is said to involve two or more bidders who represent the same buyer creating multiple bids well under the reserve price.
According to the AFR story, this is to give the seller the impression that there is strong interest in the property at this lower price point, so they’ll drop their price reserve expectations. It’s said the strategy is particularly rife in Victoria where bidders don’t have to be registered in order to bid.