Termite damaged house still sells for 1.15 Million

​In my opinion the current housing market has gone crazy with purchasers bidding without wanting inspections due to the fear of missing out, combined with the trend of the Vendor wanting to accept no conditions on the sale of their property, so they are excluding both the building inspections and subject to finance clauses from the sale contract conditions. This gives the purchaser auction-like conditions once they have made an offer that gets presented, if they want the house. The vendor then knows all the forwarded offers, but unlike an auction, the purchasers do not know where the price is at when making their offer. The risk is all on the buyer and my opinion is this should only be considered as acceptable risk if the property is that new that it is still covered by the builders warranty and you know what it costs to buy land and build. Due diligence is required when buying in today's market, as prices may fall just as it has in other states in Australia in the last few months. 
Below are some photos of the damage that my client got to see of this 33 year old house, but I am sure the purchaser probably did not know about it at the time of the fast paced auction. During the Building and Pest inspection that I did for my client, mud tracks were followed through the roof and a termite nest was located in the wall. Notable flooring damage, hidden by a coffee table and rug on the floor. My client attended the auction with the knowledge that work was required when buying the house and knew when to stop bidding.