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Sydney and Melbourne auctions results cool

12 October 2009 Reporter

Sydney and Melbourne’s run of strong auction clearance rates has dropped off as both cities failed to clear 75 per cent of the listed properties.

Sydney achieved a clearance rate of 63.0 per cent, down from 73.4 per cent last weekend.

A four bedroom house in Manly was the most expensive property sold over the weekend, bringing the hammer down at $4.915 million; a two bedroom unit in Lakemba was the cheapest at $202,500.

In Melbourne, 196 properties went under the hammer, a marked reduction from the 351 properties sold last weekend.

The city achieved a clearance rate of 74.0 per cent, down from 77.7 per cent last weekend.

Brisbane and Adelaide also failed to set the property market alight, recording clearance rates of 42.2 per cent and 71.4 per cent respectively.

A total of 19 properties were sold in Brisbane for a cumulative price of $13.0 million.

Sydney and Melbourne auctions results cool
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