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Last month saw a slight decrease in activity in the local property market with 31 properties transacted (across all agencies) compared to the previous month’s 38 properties. The table below shows that of these 31 local sales, seven properties were reported to Australian Property Monitors as being sold at auction while 10 properties either failed at auction or were withdrawn prior to auction. However, as reported last month, it seems that some agents continue to sugar coat auction results. We are aware that of those seven supposed successful action sales, a number were actually sold after the auction. This reinforces our view that true auction clearance rates are probably in the 30% to 35% range. Buyers were certainly talking on Saturday June 14 when s... <see full article>
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