SMH says "Sydney's auction market has lost some sheen". A record 2860 houses and units are listed for auction in March, and so far have achieved 70% clearance, compared to 85% in January.
Australian Property Monitors ascribes this in part to buyers bringing forward purchases last year because of the low interest rates and first home owner grants. Now, not only have those incentives evaporated, but also there is a lag as those "early birds" are out of the market.
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