What auctions are doing to our housing market

If you’ve been to a home auction you know how stressful it can be and how hard it is to be the successful bidder. Unlike elsewhere in the world, Australia has a lot of auctions, particularly in the most populous cities, so it’s hard to avoid the process.  Add to that the vicious cycle of interest rate hikes and the possibility of another rate increase next week and it’s hard to get into the market. Today, the head of the Australian Housing and Urban Research Institute, Michael Fotheringham on why we’re so addicted to auctions and who they’re really benefiting?  Featured:  Michael Fotheringham, Managing Director of Australian Housing and Urban Research Institute