Sunday, Feb 24, 2008
WORSENING economic conditions appear to be taking their toll on property markets across the eastern seaboard, with weak results in the first major weekend of property auctions.
AUSTRALIAN: House sales hit by economics
Tony Pride of Wentworth Real Estate takes bids in South Melbourne. Picture: Richard Cisar-Wrght
Real estate industry figures said clearance rates were falling in Melbourne, Sydney and Brisbane, and that rising interest rates and global uncertainly would stifle price gains this year after a strong 2007. Australian Property Monitors analyst Michael McNamara said the weekend's results revealed an increasingly nervous market that was being buffeted by the higher cost of finance, soaring petrol prices and the prospect of the US leading the world into an economic slowdown.
Posted by chris @ 06:25 PM (177 views) Add Comment
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