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1.Market Observations

19 Nov 2012 (AFR) – Property price drops bring back the buyers

(19 Nov 2012, AFR, p4, Nick Lenaghan)

‘The proportion of houses and apartments selling at auction gained momentum at the weekend, with sellers showing greater willingness to accept offers they would have previously rejected. Clearance rates in Melbourne hit 65 per cent from the 779 auctions reported, the Real Estate Institute of Victoria said.’

‘In Sydney 62 per cent sold of the 364 auctions reported, according to Australian Property Monitors. The increase is clearing a backlog of unsold homes, creating the conditions for prices to go up next year, analysts say.’

Read more at AFR.com (might need AFR login access)

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