While the local auction clearance rate last week was its worst since we have been recording statistics, a lowly 10%, the Sun-Herald edition for 18th October was reporting a Sydneywide clearance rate of 60%.
Somehow, I don’t think so.
Is it because agents are withdrawing the properties and the Sun-Herald is not taking this into consideration?
While economic [...]
Events are now occurring so quickly it is hard to keep up. New York is down again sharply, Harvey Norman has just had its worst month, Ford Australia is retrenching more, Rio Tinto is reviewing its capital expenditure because it can’t sell assets quickly enough, and the new NSW government is searching desperately for a [...]
On October 7th, just over a week ago the Reserve Bank dropped interest rates by 1% and then … all hell broke loose.
Who would have guessed that in 1 week we would have seen the share market nosedive; people withdrawing money out of banks to put under their mattresses, the Prime Minister declaring that all [...]
Even the expert analysts are shocked by the 100 basis point cut just announced by the Reserve Bank.
“The last time the central bank cut rates by one percentage point was May 1992.” states news.com.au. (Weren’t we in recession then?)
And the last time the reserve rate was 6% was back in August 2006.
Inflation is expected to [...]
The New York Times of 19th September 2008 features an article on the pain of selling property for less than the loan on it (called a “short sale” in America). The article “The Pain of Selling a Home for Less Than the Loan“ gives an actual example of Mr Kelly who got a new job [...]
