Wednesday, Mar 19, 2008
In Sydney, the clearance rate dropped below the psychologically important 50 per cent mark, with only 48.3 per cent selling, a drop of 11 per cent on the same time last year.
AUSTRALIAN: Party's over as auctions take a hammering
Volumes were markedly higher than last year in all states, partly because of the coming Easter weekend but also because mortgage stress is forcing a large number of people to put their homes up for sale.
Experts said the falling clearance rates reflected the dramatic drop in consumer confidence.
Posted by chris @ 07:41 AM (176 views) Add Comment
1 Comment
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1. yoyo1 said...
I was at a large property auction in London recently (approx. 280 lots) only 50% were sold. So it's pretty much the same story over here.