oc | Monday 24th February

This week has been a traumatic one for many whose lives are connected with world finances

Screen-shot-2010-02-11-at-2.26.09-PMAt 6pm Saturday, the clearance rate from the 15 auctions we attended was 40 per cent, with a few more expected to sell overnight.

The week has been a traumatic one for many whose lives are connected with .

In property, this week has been the culmination of a very quiet month. Perhaps quiet is not the right word – more like stressed.

Should I or shouldn’t I?

In the million-dollar-plus stakes, many sellers have seen deal after deal fall through and agents will tell you that, even though it’s footy finals time, it’s still the quietest and most difficult time they can remember.

For us on the buying side, the news is no different – a lower enquiry rate, more nerves and fewer purchases.

What this means going forward – who knows, except it will find its balance again. In the meantime, families still have to live somewhere and children are born and people get married and divorced. Life goes on.

Under a million dollars, the news is different – the buyer enquiry rate is reasonable and people are transacting. If the home, position and price are good, then buyers are there, and even a few smarter investors. We have also bought several $700,000 recently.

Buying properties for a long time, I still find it a little funny to see why people struggle to pay 20-30 per cent LESS than last year on a house that, in 2007, would have had people fighting like crazy to get it.

But that is human nature.

If you can hold your and get some good advice (about the right properties), then logic tells us that there has to be some out there for those trading up or buying in for the first time or even investing.

No market news next week, as it’s the grand final so, until then, good buying.

Sunday Footnote: REIV still reported a healthy 65% clearance rate on 613 auctions. This shows the lower end of the market is still holding up. Despite last weeks positive bubble we cannot yet see the million dollar plus market moving upwards in price or buyer interest.

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