General Market Summary

Sales closed for our three week mid-year recess on a generally positive tone. Despite a significant correction the week earlier and a reasonably large offering on Thursday, prices stabilised and the market traded within a much more confident tone. Bidding continued strongly to the end of sale with Sydney posting a slight increase and Melbourne slightly down as prices levelled between the markets. It has been an erratic ride with prices clearly upward over a long period. The past couple of weeks have been a reality check but as has been the case for a few years now, the downward correction has been limited. This is clearly influenced by the supply or general lack of it.