Possible Rate rise Scare Auction Market
Feb 1st 2004, 9:43 pm
#1
Thread Starter
Joined: Aug 2003
Posts: 11,149
Possible Rate rise Scare Auction Market
http://www.theaustralian.news.com.au...5E2702,00.html
Auction season opens with whimper
By James Madden and Caitlin Fitzsimmons
February 02, 2004
THE threat of a third consecutive interest rate rise scared off buyers at Sydney and Melbourne property auctions over the weekend, sending clearance rates into a dive ahead of the Reserve Bank board meeting tomorrow.
Just seven out of 17 auctioned properties in Sydney sold – a clearance rate of 41 per cent, compared with 62 per cent in mid-November.
The market in Melbourne was cheerier, with 26 out of 48 – or 54 per cent – properties selling under the hammer on Saturday. At the end of October last year, the figure was 70 per cent.
According to some industry figures, the Melbourne auction scene has been declining steadily since the second half of last year and, with the introduction yesterday of new legislation banning dummy bidders, there are fears that the market could slip further.
Auction season opens with whimper
By James Madden and Caitlin Fitzsimmons
February 02, 2004
THE threat of a third consecutive interest rate rise scared off buyers at Sydney and Melbourne property auctions over the weekend, sending clearance rates into a dive ahead of the Reserve Bank board meeting tomorrow.
Just seven out of 17 auctioned properties in Sydney sold – a clearance rate of 41 per cent, compared with 62 per cent in mid-November.
The market in Melbourne was cheerier, with 26 out of 48 – or 54 per cent – properties selling under the hammer on Saturday. At the end of October last year, the figure was 70 per cent.
According to some industry figures, the Melbourne auction scene has been declining steadily since the second half of last year and, with the introduction yesterday of new legislation banning dummy bidders, there are fears that the market could slip further.
Feb 1st 2004, 9:49 pm
#2
Banned
Joined: Jan 2004
Location: Morayfield - The Posh Part
Posts: 10,138
Re: Possible Rate rise Scare Auction Market
Originally posted by bondipom
http://www.theaustralian.news.com.au...5E2702,00.html
Auction season opens with whimper
By James Madden and Caitlin Fitzsimmons
February 02, 2004
THE threat of a third consecutive interest rate rise scared off buyers at Sydney and Melbourne property auctions over the weekend, sending clearance rates into a dive ahead of the Reserve Bank board meeting tomorrow.
Just seven out of 17 auctioned properties in Sydney sold – a clearance rate of 41 per cent, compared with 62 per cent in mid-November.
The market in Melbourne was cheerier, with 26 out of 48 – or 54 per cent – properties selling under the hammer on Saturday. At the end of October last year, the figure was 70 per cent.
According to some industry figures, the Melbourne auction scene has been declining steadily since the second half of last year and, with the introduction yesterday of new legislation banning dummy bidders, there are fears that the market could slip further.
http://www.theaustralian.news.com.au...5E2702,00.html
Auction season opens with whimper
By James Madden and Caitlin Fitzsimmons
February 02, 2004
THE threat of a third consecutive interest rate rise scared off buyers at Sydney and Melbourne property auctions over the weekend, sending clearance rates into a dive ahead of the Reserve Bank board meeting tomorrow.
Just seven out of 17 auctioned properties in Sydney sold – a clearance rate of 41 per cent, compared with 62 per cent in mid-November.
The market in Melbourne was cheerier, with 26 out of 48 – or 54 per cent – properties selling under the hammer on Saturday. At the end of October last year, the figure was 70 per cent.
According to some industry figures, the Melbourne auction scene has been declining steadily since the second half of last year and, with the introduction yesterday of new legislation banning dummy bidders, there are fears that the market could slip further.
perhaps its escaped ur notice but AFTER xmas most ppl are SKINT !
Feb 2nd 2004, 8:08 am
#3
BE Forum Addict
Joined: Oct 2003
Location: Nappyland
Posts: 2,886
The average house price in Mel rose only by $3k in the last quarter, which is a lot less thn previous quarters (now $371k)
There was an article inthe Herald Sun at the weekend about how the median prices had dropped dramatically - one suburb was down as much as 21%. Prices dropped in more than half of all suburbs
Worth checking out for ayone going to Mel:
House prices: down they come
http://www.heraldsun.com.au/common/s...5E2862,00.html
Property prices: how your suburb fared
http://www.heraldsun.com.au/common/s...5E2862,00.html
There was an article inthe Herald Sun at the weekend about how the median prices had dropped dramatically - one suburb was down as much as 21%. Prices dropped in more than half of all suburbs
Worth checking out for ayone going to Mel:
House prices: down they come
http://www.heraldsun.com.au/common/s...5E2862,00.html
Property prices: how your suburb fared
http://www.heraldsun.com.au/common/s...5E2862,00.html
Feb 2nd 2004, 2:05 pm
#4
Superfreak!!
Joined: Jan 2004
Location: Thornlie, Perth, W.A.
Posts: 1,177
Hope the same happens in Perth then.
