BUYERS kept their hands in their pockets in 2008, scarred by a worsening economy, volatile interest rates and concerns about poor levels of housing affordability.

Real estate agents in Brisbane's north-west say they will weather the storm of a possible market downturn as property vendors scramble to repair damaged stock in the wake of last week's tempest.

About 50 out of 100 houses sold at auction in Melbourne on the traditionally slow Cup weekend, while in Sydney the auction clearance rate crept up slightly from last weekend's 12-month low to 43%.

INTEREST rates may be down but buyers are still running scared when it comes to property with the Brisbane market remaining slow at the weekend.

ARE house prices going to crash in Australia as has occurred in the US? Based on West Sydney University economics professor Steve Keen's regular Debtwatch newsletter, the answer is probably yes.

Bureau of Statistics population figures show that despite the perceived failure of the Melbourne 2030 plan, road congestion, public transport overcrowding, and opposition by councils and resident groups to higher-density redevelopments, buyer demand is bringing growth.

Property bought would be then re-sold to developers at a profit - or, if they choose, at a reduced price so the developers make even more money.

Legal authorities describe as "quite remarkable" a section of new planning laws flagged by the Minister for Planning, Frank Sartor, to acquire land by force to onsell to private developers.

The numbers have added to concern about a shortage of properties - for renters and buyers - which is expected to put further pressure on house prices and soaring rents.

But the property market in Sydney remains flat, with buyers staying away in the wake of this year's two interest rate rises and amid general gloom and doom.

ADELAIDE'S newest suburb will be built by a joint venture between developers AV Jennings and Urban Pacific in a deal worth up to $400 million.