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Low interest rates and a shortage of properties for sale sent clearance rates surging back to 80% levels on the weekend in both Sydney and Melbourne.
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The stamina and endurance of Olympic athletes isn’t too different from the sport of buying a property.
With interest rates at record lows, and amid a shortage of properties for sale, there was a spike in auction clearance rates over the weekend.
Volumes remain low as sellers wait for spring.
Sydney’s property auctions make great conversation starters, even with the peak of this cycle behind us.
The weekend clearance rate across the country was 72.0%, according to CoreLogic.
Sellers preferred to hold off until after the election, but buyers were still buying on the weekend.
Though storms savaged the east coast over the weekend, causing torrential rain and millions of dollars worth of damage, property buyers still turned out in droves.
Cold weather did not deter buyers on the weekend as clearance rates held in the mid-70s range in Sydney and Melbourne.
While Sydney's auction market eased from last week's high, it achieved a respectable 74.2% clearance rate over the weekend.
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