A thin auction market led to weak clearance rates and lower values this weekend
If there’s any question about whether or not the serious boom in prices of last year is truly over, note this: all the gains for 2014 in Melbourne are gone. This weekend, prices fell 0.8 per cent there – further falls cut into last year’s gains. To have a year equal to 2013, Melbourne would have to rise by 0.3 per cent a week, every week, for the rest of the year. The city’s prices have fallen by four times that much every week for a month. Things may pick up a bit next week, of course, after the Queen’s Birthday.
10 Jun, 2014