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Auction clearance rates soar
Sydney’s auction clearance rate surged over the weekend as buyers shrugged off gloomy reports about the top end of the property market. The clearance rate was 74.7%, as $70.6 million of property changed hands, Australian Property Monitors said. The time last year about $59.9 million of property sold in Sydney with a clearance rate of 45.7%. A spokesperson put the higher clearance rates down to a "shortage of stock, low interest rates and confidence." Melbourne continued its run of high auction clearance rates at 85%, the Real Estate Institute of Victoria said, and was into its 10thweek with clearance rates above 80%. There were 344 auctions reported, of which 294 sold. In Brisbane, the clearance rate of 56.5% was close to a 12-month high, as $5.3 million of property sold. The Australian Financial Review, Page 48, 20 July 2009Financial marriages skyrocket by 300%
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