With more financially distressed property on the market than you can shake a stick at, real estate auctions seem to be the best way of moving excess inventory, and will hopefully give some idea as to current market prices in the UAE. At the moment it is anyone’s guess. Sherwoods are organizing an auction of some 50 properties in the UAE in June. Their press release is below:
Well it finally came, the perfect storm for Sydney’s property auctions. A drop of 1% in the cash rate last week, the drop of some 30% of some property’s asking prices, and maybe the promise of $1000’s of dollars to tax payers in the government’s stimulus package, plus the first home owner’s grant has finally giving the dead property market a shove.
Despite reductions in mortgage interest rates and the big increase in the first-home buyer’s grant, the business of auctioning houses still seems to be in trouble.
As we have already reported Australian property auction clearance rates dropped along with most of the world’s stock markets. Improvement doesn’t look imminent either. Figures out today make interesting reading: so long as you are not trying to sell a property – then they are depressing.
