Sydney auction clearance rate collapses into the 30s

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Via the AFR:

It took longer than usual for the revised auction results to provide an accurate reading of the market, with many real estate agents initially withholding their poor results.

Two weekends ago Domain Group’s preliminary auction clearance rate was 44.5 per cent but one week later, after further results were collected, it was revised down to just 39.4 per cent.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.