sinsbury family

Just came back from a short trip to the Gold Coast(Northern Part) to look at property. Viewed lots of houses (all very nice i might add) and the majority had been on for some time and had had some considerable drops from their original listing price with agents hinting that further reductions could be had. I visited one auction of a lovely house in a really nice street which you would describe as in the middle to upper end of the price spectrum. Not top draw but very nice all the same which had originally been on the market for $770K. It was auctioned about 3 months ago and reached $720K which the owner turned down(hadn`t reached the reserve). It went to auction this weekend and it was like getting blood out of a stone. It initially only reached $630K but after a bit of arm twisting reached 642500. I left then, so i don`t know if the owner accepted the offer(Again failed to reach reserve).

The estates agents have been admitting to me that there has been some softness in the housing market there but that it is normal for this time of year at the top end of the market. However i was also told that lower end properties were being snapped up pretty quick. Can anyone confirm my findings above or are people finding the opposite.

Where we are renting at the moment in Adelaide (fulham Gardens) there appears to be very few properties for sale. In the Gold Coast there appears to be load for sale comparatively.