http://www.news.com.au/heraldsun/story/0,21985,23266297-661,00.html
Auctions slump signals end of boom
MELBOURNE'S rampaging property boom has finally cooled after years of soaring prices.
Auctions failed to fire yesterday and the Real Estate Institute of Victoria last night declared the market had peaked and prices were easing.
In the first big test for the market this year, some real estate agents reported clearance rates of less than 60 per cent.
The figures are well below last year's high-flying results, which consistently topped 80 per cent clearance.
Few buyers attended sales across the metropolitan area and those who did nervously sat on their hands.
Auctions in outlying suburbs were especially quiet.
Even "bargain" homes offered at foreclosure auctions failed to sell.
And many agents blamed the Reserve Bank's warning this week of a sustained wave of interest rate rises.
Despite the six consecutive interest rate rises in the past two years, the bank is still warning it must further rein in spending.
Auctions slump signals end of boom
MELBOURNE'S rampaging property boom has finally cooled after years of soaring prices.
Auctions failed to fire yesterday and the Real Estate Institute of Victoria last night declared the market had peaked and prices were easing.
In the first big test for the market this year, some real estate agents reported clearance rates of less than 60 per cent.
The figures are well below last year's high-flying results, which consistently topped 80 per cent clearance.
Few buyers attended sales across the metropolitan area and those who did nervously sat on their hands.
Auctions in outlying suburbs were especially quiet.
Even "bargain" homes offered at foreclosure auctions failed to sell.
And many agents blamed the Reserve Bank's warning this week of a sustained wave of interest rate rises.
Despite the six consecutive interest rate rises in the past two years, the bank is still warning it must further rein in spending.