Astute Crikey readers would have noticed that I haven’t written an article about the overpriced Australian property market for some time. This was because it seemed like I was the only person at a rave who wasn’t on ecstasy. Well, the rave is still going strong, and the banks, with a little help from the government, are still dealing.

On the weekend I popped around the corner to see an auction of a nicely kept property in Albert Park, Melbourne. The three-bedroom, one-bathroom residence had some nice touches (wine cellar, cinema room, garage stacker) but was relatively small and in a second-tier street. Half an hour later the property had been knocked down for $3.755 million. The buyer was a cocky-looking 35-year-old with slightly bleached hair -- he looked more in place shopping for surfboards than multimillion-dollar inner-suburban properties. Such is the state of the current property market, after the hammer went down, the couple next to me were congratulating the buyer on his purchase. “Good on him,” they quietly noted.