Auction clearance rates back at 2007 levels

[Property Dude]

Story here: http://www.news.com.au/business/money/story/0,25197,25567285-14327,00.html

This just a blip as a result of the scaling back of the FHBG or a sign of things to come?

Opinions?

[kincella]

apparently we Australians are employing some risk aversion....
but I think its more likely the low interest rates have sparked it for many....upgrading , downgrading by 75% and the other 25% are the fhb's...
I believe it would fall into a similar situation that occured after the tech wreck of 2000 ...people quietly went back into the property market...houses were cheap, the media noise was about the tech stocks....
then by the time the media woke up it was 2004...
I am a bit surprised the media has 'woken up' so early this time....but the main focus for them is on the GFC and the stock market.....
I brought 10 props from 2000-2002....then sold 5 in 2004....simply because I could not believe the prices being offered...so tripled my money in 2 years
I expect similar within the next 3-5 years....but the bottom of the market is too hot now....I missed bargains in Oct 08....similar props are 40,000 higher...there might be some cooling off by Sept 09 -Dec 09...
I am hoping to pick up some more bargain buys...but they will be out in the burbs...I dont expect to find any in the inner suburbs
the stockmarket is a bit too hot imo....
so the housing market could cool down for the next 2 years....if they raised rates too early...but long term its all fine
look at the Aus graph here...where it was flat before taking off again
http://www.globalpropertyguide.com/real-estate-house-prices/A