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1.Market Observations

14 Feb 2012 – Agents leave as sales slump

[COMMENT: article includes bar graph of dollar value of house and unit sales 2001 – 2011.]

(14 Feb 2012, AFR, p46, Ben Hurley)

‘Home sales fell to a six-year low last year, leaving a large overhang of unsold homes on the market and causing an exodus of people employed in the industry. RP Data figures show $180.9 billion of housing was sold last year, 18.3 per cent less than in 2010.’

‘ “With fewer transactions and property values slipping downwards, both of those are bringing down the overall value of real estate sales,” RP Data’s Tim Lawless said. “That means lower commissions for real estate agents.” ‘

‘Much of the decline was in Queensland, where sales volumes in once-booming areas like the Sunshine Coast and Gold Coast continued to slide, together with the Brisbane CBD.’

‘However, there was an increase in sales volumes in Surfer’s Paradise in the Gold Coast, where a lot of new apartments have been sold by receivers at heavy discounts.’

Read more at (might need AFR login access)


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