Lamborghinis, Maseratis and are a whole host of other luxury cars are all expected to go under the hammer later this month and sell at only a fraction of their original retail prices. This all comes in the aftermath of the mining boom crash that is now being acutely felt in Western Australia.
Extravagant items that include luxury cars, boats, yachts along with mansions and properties are all being sold off, in many cases at just at a third of what they were initially bought for. When the tide was high these ‘Fly In & Fly Out’ workers and executives were reaping enormous incomes as the Chinese market appeared to be fuelling an insatiable demand for iron ore. However, now that the tide has almost entirely drained out, more than 20,000 employees have been made redundant in the last 18 months. Leaving these former high earning personnel to recuperate costs by selling their much loved luxury toys.
According to Jack Gregson of Gregson Auctioneers and Valuers speaking from Perth “If you’ve got a lot of cash at the moment, it’s a great time to be buying some toys”. While that might mean a long commute for many of us to get to the far flung capital, the prices may well make the trip worth your while. However snapping up bargains online is another viable option. The Australian online classified website, Gumtree has had a surge in ads for luxury spoils of the mining burst. Advising that prices for jet skies are down by 13% and sail boats being sold for prices at a 42% loss.
If it’s a case of one man’s trash is another man’s treasure, this is the sort of trash I could certainly get used to having around.
