Super Saturday is unfavorable, the public expects the central bank to cut interest rates
Sydney Today, April 4, Australia Eastern Time, the "Super Saturday" of the Melbourne property market failed to break out of the downturn, and the auction clearance rate was only an average. According to data from the Victorian Real Estate Institute, a total of 3 properties were auctioned in Melbourne last Saturday, and 1006 properties were sold. The auction clearance rate was 873%, slightly higher than last week's 60%.
One of the successfully sold houses was an Italian-style decorated Victorian property located in Grandview Grove, Prahran, which sold for $457 million. The four-bedroom apartment covers an area of 918 square meters. The original owners were Peter Foster, the bronze medalist of the 1988 Olympic canoeing event, his wife Lysette, and three children.
Auctioneer Jeremy Fox said that the original planned price of the property was $450 million. Jeremy said: “The result was better than we thought, so it’s pretty good.” An observer who is looking for a property close to her daughter’s school said Fosters I should be grateful for this result; because "the result is very good, but it is a case."
REIV spokesperson Robert Larocca pointed out that the real estate market is currently at a basically balanced level, and the demand for home purchases is enough to make home sellers feel gratified. He said: "Since the beginning of this year, the real estate market has been very interesting. What kind of level, the auction clearance rate has been hovering around 60%.
Fox tried to reassure buyers that he had a "very strong feeling" that the central bank was going to lower interest rates on Tuesday (April 4), and market confidence would surely be restored. However, some analysts, such as HSBC's chief economist Paul Bloxham, believe that the central bank will keep interest rates unchanged and may not cut interest rates until the second half of this year. (Wendy)
English version: http://www.smh.com.au/business/property/super-saturday-lacks-sizzle-20120402-1w7vb.html