Is the property market cooling?

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In the second long weekend in a row, auction numbers were predictively lower with only 859 properties going to auction in capital cities. That was down on the 1,658 auctions on the same weekend last year, when ANZAC Day fell on a Thursday, rather than a Friday.

Weekly clearance rate, combined capital cities

The clearance rate across the capital cities was 64%, compared to 65.5% the previous week. In Sydney, the clearance rate was just 72% and in Melbourne it was 63.6%. These are still robust numbers but, when compared to the high 80% rates for Sydney and mid 70% rates for Melbourne earlier this year, are prompting calls of a cooling in the housing market. The next few weeks will show if these falls are a blip, or a trend.

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