Aus: Don't worry, It's a one-off event - Auction failure

[fairbear]

abc.net.au/news/stories/2008 … n=business

Housing sales slump ‘one-off’ 18aug08

Canberra houses up for auction on the weekend failed to sell. (ABC News)
The ACT Real Estate Institute (REI) says a dramatic drop in auction sales over the weekend could simply be a one-off event.
All 21 homes up for auction in Canberra failed to sell, including the first stand alone home on the Kingston foreshore waterfront which was passed in at $900,000.
REI president Michael Wellsmore says he does not think it is the start of a long-term trend.

When in doubt, use either spin or hype. That’ll work.

[Septic_Crank]

@fairbear

REI president Michael Wellsmore says he does not think.

[yoganmahew]

If Ireland is a year behind America, it looks like Australia is a year behind Ireland. Just the right time for all those Irish construction workers to spend a fortune going there and be unemployed somewhere else!

[onlyone]

Aussie auctions are different.

[High_Noon]

If Ireland is a year behind America, it looks like Australia is a year behind Ireland.

The Australian property market, especially Sydney and Melbourne, has been flat for 4 years so I’d say that market slowed well ahead of the US. Prices are ridiculously high still, but not as crazy as in Ireland.

[xman]

Australian mortgages are up at 9.6% while wages are stagnant.

That is the major reason for the cooling of their property market.

They have over tightened the monetary screw, and they know it.