The residential property auction market in Sydney started summer on a weaker note, as sellers continued to flood the market ahead of the usual seasonal end-of-year lull in the Australian housing market.
Sydney reported a clearance rate of 75.8% on Saturday, which was the lowest recorded by the local market for more than four months, but still significantly higher than the 57.5% recorded on the corresponding weekend last year.
Despite the lower clearance rate, it was nevertheless viewed as a good result for sellers and reflected the sharp rise in listings over recent weekends.
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