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soldSUPER Saturday was how Maurice Dunlevy of the Weekend Australian described last weekend, with 1700 homes on the sale blocks for auction on traditionally what is the busiest day of the year for most capital city auction markets.

Melbourne had the most with its 1074 scheduled sales, the largest in two years.

This compares to 891 auctions on the same weekend a year ago with 82% clearance rate.

“That’s unlikely to be repeated on Saturday after only 66% of properties being cleared at the prior weekend auctions,” said Maurice. And that was slightly lower than September’s 69% figure.

Sydney clearances are tracking at 62% so far in October but that figure is also down compared to the 70% of a year ago.

Up here it has been super Saturday for most of October and it doesn’t look like slowing much this side of Christmas.

Auction clearance rates have been trending lower since May this year and a lot has to do with concerns about the likelihood of higher interest rates and the absence of overseas buyers from the established homes market because of the high Australian dollar.

Story by Dimity Hendy http://www.sunshinecoastdaily.com.au/

Tags: auction, finance, marketing, news, property, real estate, research

Posted in News, Research

View the original article here

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