Sunday, November 30, 2008

Australian Investment Property

Report:

VICTORIA'S property market has taken a turn for the worse with almost half the homes auctioned on the weekend being passed in.

With 420 of the 865 houses on offer over the weekend not selling, it was the worst auction week for four years.

On the up side, some buyers snapped up bargains and dictated the settlement terms.

REIV chief executive Enzo Raimondo said the economic downturn was expected to hurt house sales into the new year.

"We can't see any huge increase in clearance rate between now and the end of this selling season," Mr Raimondo said.

"If there is one positive out of this market it is that buyers with the capacity to buy or borrow can secure a home or investment property at a price they wouldn't have got last year.

"If we get some more interest rate cuts, perhaps in the first quarter of next year we might see some improvement," Mr Raimondo added.

No comments: