Home sales figures head south

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Auction clearance rates in Sydney and Melbourne continued to trend downward on the weekend.

Sydney clearance rates dropped to 60%, down on last month’s 66% success rate, which made it the weakest result since May last year.  Melbourne’s clearance rate was 67%, a marked decrease since the regular highs of over 80% recorded during the same period last year.

The lower recorded sales figures are in large part due to record auction volumes. Sydney will have 2600 auctions in June, while historically June has about 1400 auctions.

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