Hammer Falls on Home Auctions in Australia as Market Stalls

""People's preference for moving away from the auction format is reflecting demand on the ground," said Ben Jarman, a Sydney-based economist at JPMorgan Chase & Co., who expects prices will fall another 3 percent this year as concerns about the global economy outweigh interest-rate cuts by the central bank. "We'll see some demand resume, but supply will come on line as well.""