Weekend property update

Another big Saturday for Sydney and Melbourne auctions this weekend as worries over apartment prices hit Brisbane’s CBD.

There are 800 homes on the block in Sydney, less than last weekend but still a substantial number.  But 200 less than the same time last year – which means we can expect a high clearance rate and many disappointed buyers.

The Reserve Bank’s decision on Tuesday to hold rates will probably give buyers confidence – so if you are looking to make a purchase, expect some stiff opposition.

Meanwhile, in Queensland and Victoria, industry observers are warning buyers  again about inner city apartments.

According to The Australian newspaper, Inner-city Brisbane outside the central business district, and inner Melbourne through to Port Phillip, were highlighted in a report used by banks to inform its warnings about the apartment sector.

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