Monday, November 8, 2010

Bellwether Opera House Auction Shows Strain on Markets

Sydney Opera House Luxury-Home Auction Misses Target
An auction of Australian luxury homes held at the Sydney Opera House raised A$4.1 million ($4.1 million), less than the A$30 million of properties that were put up for sale, less than a week after borrowing costs increased.

Only two out of the 11 homes on offer were sold.
The properties were marketed in Australia and Asia and drew interest from bidders based in Singapore, China and Indonesia, the organizer said.
But, the interest rate's to blame. Of course.

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