excuses excuses, page-26

http://www.brisbanetimes.com.au/articles/2...rid=theage:top5

Brisbane's property market has come to a "screaming halt" and the outlook is grim, with the number of unsold homes rising and buyer confidence dropping, a leading analyst believes.

Weekend auction clearance rates were at 35.7 per cent, with just 20 properties sold across Brisbane. It represented a drop from 37.9 per cent last weekend.

Consistently low rates indicated a slump in buyer confidence that has been blamed on rapidly rising mortgage rates, Australian Property Monitors general manager Michael McNamara told brisbanetimes.com.au.

"The Brisbane market was roaring ahead last year with 20 per cent-plus growth, but basically that has stopped," Mr McNamara said today.

"It seems to have come to a screaming halt."

Figures showed a 12 per cent increase in the number of unsold inventory in Brisbane during March, and the situation in other capital cities looks similar, he said.

"This time last year we recorded about 240,000 property listings across Australia - this year it's at 270,000... it's right across the board - every capital city is seeing much more unsold inventory."

Analysts are nervously awaiting first quarter market results, which are due in about two weeks.

"We'll have enough data then to make a call on the first quarter and we're a little nervous about that," Mr McNamara said.

Leading indicators pointed to a rapidly slowing Brisbane market, he said, describing the market outlook as "not too flash."