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Property sales to slide as Christmas nears

16 November 2009 Reporter

Lacklustre auction clearance results in some of the nation’s capital cities suggest the property market may be in for subdued activity in the weeks leading up to Christmas.

In Brisbane just five of the 60 properties listed for auction were sold for an auction clearance rate of 18.5 per cent.

Adelaide faired a little better, selling 12 properties and achieving a 50 per cent clearance rate.

Once again, Sydney and Melbourne proved to be the nation’s biggest achievers.

Melbourne achieved a clearance rate of 70.9 per cent.

More than 742 properties were listed for sale, slightly less than the 766 listed this time last year.

NSW’s capital city achieved a clearance rate of 64.2 per cent, slightly up on last weekend’s 63.6 per cent, but down on its peak of 80 per cent two months ago.

A three bedroom, $3.85 million house in Paddington was the most expensive piece of real estate sold over the weekend, while a parcel of land along the Great Western Highway was the cheapest at $110,000.

Property sales to slide as Christmas nears
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