I agree with you. I mentioned an auction I went to on Saturday that sold for about $1.07m after initially quoting $800-880k. The great result was partly a result of lack of stock but I also think this price range has rallied somewhat the past 3 months. Apparently it was up for private sale for $950k in Feb/March and fizzed.
Having said that, with property prices staying so flat despite massive interest rate cuts (and let's face it, even if we cut further less and less will be passed on by the banks), and with unemployment rising through the remainder of this year...the risk has to be to the downside.
Spring will be interesting with more stock on offer because I think lack of quality stock is all that is holding up prices in many instances.
