A fairly ordinary weekend for auctions although the dailies reported some extraordinary prices for properties in the inner suburbs,namely Camberwell and Richmond where expectations were exceeded.                                      
 
Of course this time of year is not the best gauge of the market or auction results.I’ts cold,the snow season is on,school holidays are near their end and most Vendors will be holding back for better weather. However the paucity of stock can be beneficial to Vendors.                                          
 
General sentiment re interest rates,share prices and market conditions is not good and it is being reflected in the property market.
 
Demand will build and put pressure on so we expect an improvement in results at auction and other means of sale.
 
An interesting and usually overlooked stat. is that auctions only make up aproximately 30% of all sales. However most commentators use auction results as their barometer of market conditions.
 
In a forthcoming article we will talk about sales reporting.

Tags: Auction, auction results, house prices melbourne

This entry was posted on Tuesday, July 15th, 2008 at 11:18 pm and is filed under Property Market News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.