I went to a no reserve industrial equipment auction today in Laverton, Melb. I recall the days not to long ago where heavy excavation equipment at the top end of the market would only be purchased by large companies. Today a number of lots sold in excess of $250000 and one went for $550000 to private individuals. Speaking to a number of buyers it would appear that the building boom is yet to peak with these guys not able to keep up with the demand, hence the bigger and better equipment. Payment was 25% cash on the day with the balance in 7 days, the loan shark onsite did not manage one client for a day in which 15+ million dollars exchanged hands. Looking around there were some seriously cashed up construction labourers turned developers. Not often you get to see men in overalls driving a Range Rover, and yes the Rangee was the majority of the top end vehicles in the carpark. It would appear that we are all benefiting from this resource boom.
So much for thinking that I could pick up a cheap repossessed excavator to do the garden. I ended up going to Bunnings and buying a $39 shovel!