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Auction results improved slightly across some capital cities over the weekend but are still noticeably weaker than this time last year.
Brisbane recorded the largest improvement in auction activity with a clearance rate of 32.1 per cent compared with just 17.3 per cent the week prior, according to Australian Property Monitors. This compared to a clearance rate of 55.4 per cent for the same weekend last year.
The clearance rate also improved in Adelaide by a considerable 11.7 per cent to 42.1 per cent, while in Melbourne the clearance rate rose from 47.3 last week to 52.9 per cent. Both markets remained down from 2007 by around 30 per cent.
The nation’s largest property market, Sydney, failed to see any recovery – its clearance rate dropped 1.5 per cent from the week prior to 41.6 per cent.
Published: 17-11-08
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