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Sydney's vacancy rate rose 0.1 percentage points to 2.2 per cent in December, according to new data from the REINSW.
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Sydney and Melbourne auction clearance rates are languishing as buyer demand softens.
Interest rates have been on hold at historic lows for 16 consecutive months, and are unlikely to change for much of 2018, say experts.
With more stock on the market, buyers are focusing on the best properties in the best locations, says Ray Fayad, agent with Laing + Simmons Granville.
The Real Estate Institute of New South Wales has elected Leanne Pilkington as president of the industry body.
Hobart property prices were the fastest growing in the country in the year to 30 September, rising 14.3 per cent, according to CoreLogic.
Hobart's vacancy rate in August was the lowest recorded by SQM since it began collating the data in 2005.
The heat's gone out of the market, but the depth of buyers will prevent prices from falling dramatically, says Alexander Phillips of Phillips Pantzer Donnelley.
Though the auction clearance rate was higher this week, the mood around auction activity at the beginning of spring is lukewarm.
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