Auction clearance rates have dipped below 60 per cent in Sydney and Melbourne, pointing to further falls in property prices. Melbourne property propertyprices
Auction clearance rates in Sydney were 55.9 per cent in May, while Melbourne’s were 59.1 per cent.
Some vendors may decide to change their plans and hold off listing their home, while others may choose to simply go ahead to cash in before prices fall further. Clearance rates are an indicator of whether the property market is rising, falling or remaining steady, with rates Domain chief of research and economics Dr Nicola Powell said listings were up in May, meaning more choice for home buyers still in the market.
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