Outer fringes spring into auction - Sydney Morning Herald

Photo: Paul Rovere STOCK levels are starting to rise for spring and in areas such as the outer suburbs listings are almost double the number they were last year, despite weaker demand. Homes for Sale At the weekend, 593 auctions were reported to the REIV, generating a clearance rate of 57 per cent. Advertisement: Story continues below Concerns that the number of Homes for Sale would continue to rise and dampen spring sales seem to have been unfounded. Richmond, which had about 150 properties listed for sale in August 2010, recorded 190 properties in the same month this year. Greenvale had more than 100 properties on offer in August 2010, but this year there were 374 Greenvale properties for sale in the same month. Melton also experienced double the number of stock for sale in August 2011. Apart from Middle Park, suburbs with much larger volumes of homes for sale - more than double for the same period in 2010 - were all on the outer edges of the city. Many of those outer suburbs, where private sales used to be popular, are now seeing vendors move towards auctions as a method of sale. The biggest challenge at auctions at present is getting bidding to start, according to Karl Gillon from Buxton in Middle Park. However, the agency's other auction showed signs that buyers were still cautious. The period home at 34 Greig Street in Albert Park was passed in at auction for $1,105,000 and afterwards a sale was negotiated at $1. Greg Costello, of RT Edgar in Brighton, said his agency looked to have lower than expected stock levels for spring, although there had been an improvement on the ''miserable'' winter months. There was fierce competition from five bidders at 14 Burgess Street, Richmond, which Hocking Stuart quoted between $820,000 and $900,000. Opening on a genuine bid of $820,000, the property was on the market at $900,000, selling for $70,000 more. On the other hand, 68 Farmer Street in the same suburb failed to attract any genuine bids, opening and passing in on a vendor bid of $850,000. The property, which was auctioned by Jellis Craig, has a reserve of $895,000. Adrian Jones, of Noel Jones, said many vendors and buyers were sitting back and observing the market. So there are a lot of property owners sitting on the fence, as well as property buyers - it's a bit of a Mexican standoff. Corporate ties: When a superstar CEO steps down Apple isn't the first company to face a future without an icon at the top. Leadership lessons: Donald's trump card Everything starts and ends with good leadership, says US tycoon.