supply will swamp demand

They try and put positive spin on everything when in reality the market is going to crumble.

1000 houses for auction next week.

then 1200,then ...well you get the picture.

It always comes down to supply and demand.

Panic will set in shortly as people try to rush for the exits.

Oversupply slows Melbourne auction sales

MELBOURNE may have its best buyers' market in more than 18 months, with the rate of homes selling at auction hitting a low at the weekend.

Auction clearance rates, which have been falling steadily since April, hit a low of 70 per cent for the first time since February last year.

"Given the incredibly high number of homes on the market at the moment, it is the best conditions for buyers we've seen for over 18 months," Real Estate Institute of Victoria spokesman Robert Larocca said.

Up to 600 homes were usually up for auction each weekend in May and June, but now it was more like 800-900 - or 30 to 40 per cent more, he said.

"We think it's because vendors have seen the results over the past six to 10 months and think it's a good time to sell," he said.

"They've seen the very strong returns ... and it's encouraged them to list their properties for sale."

http://www.heraldsun.com.au/news/oversupply-slows-melbourne-auction-sales/story-e6frf7jo-1225876216999