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

Housing sales slump ‘one-off’ 18aug08

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

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!

Aussie auctions are different.

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.

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.