I just heard from one of the leading auctioneers on the Gold Coast that during 2006 and 2007 he averaged 70-80% auction clearance rates with very few mortgagee sales.
Now 80% of his auctions are mortgagee in possession sales yet he's only averaging 30% clearance rates. The Gold Coast, being the speculative capital of Australia, was the litmus test for the nationwide market trend leading the housing price declines in the early 80s and then again in the early 90s. It looks like it's doing the same again.
