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Auctions performed badly in Melbourne over the weekend as buyers continue to sit on their hands amid speculation of an interest rate cut next week.
The clearance rate was just 47.8 per cent, according to Australian Property Monitors, compared to 79.5 per cent for the same weekend last year.
In Sydney, clearance rates were also down from 2007 at 52.6 per cent, compared to 65.8 per cent for the same time last year.
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Published: 25-08-08
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