Big crowd turnout, sales prices below expectations

Following the trend in previous years, the turnout for property auctions in Victoria and Queensland over the Australia Day long weekend attracted large crowds. In particular, coastal hot spots in Victoria's Portsea and Sorrento, and the Gold Coast caught the attention of numerous onlookers as investing in these areas are perceived as a safe haven for buyers.

However, given the decline in housing prices over the past year, the number of properties listed for sale was down as vendors opted to place their selling plans on hold. Those properties that did go for sale ended in mild disappointment for agents and vendors as the auction selling prices fell short of expectations.

Liz Jensen, an agent from Kay & Burton Real Estate, provided some insights to activity and interest in the housing market, saying “The last few weeks has told me there are genuine buyers looking for property in every price bracket, from $350,000 to $8 million”.

Source: The Australian Financial Review