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Property market 'solid, but shows signs of nervousness'

The Australian property market is stable but is not filled with confident buyers and sellers, expert John McGrath has claimed.

The housing market is stable but is not filled with confidence, an Australian property expert has claimed.

John McGrath, of McGrath Real Estate Agents, explained in his most recent blog that the current state of the market is a reflection of the economy as a whole.

He gave the example of his company's auction clearance rates at the weekend, which he said were "reasonable" at 65 per cent.

"But several of our properties went way above reserve and many others exchanged today, lifting our clearance rate to just above 70 per cent which is very good overall," he added.

He went on to write that he continues to believe the property market will experience an eight to 12 per cent growth in 2011.

Last week, a report from the Australian Bureau of Statistics revealed that owner occupied housing commitments in Australia rose by 2.3 per cent in July, in seasonally adjusted terms.

Posted by Steve Douglas

- property, market, sales, auctions

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