Sydney property: Falling auction clearance rates a sign boom may be over
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The heady days of Sydney's runaway property boom look to be over, with numbers of buyers at open homes and auctions halving in recent weeks.
Experts say the flood of listings in November has diluted the number of buyers searching for homes and kept a lid on prices growth.
Not even reassuring words by the Reserve Bank Governor, Glenn Stevens, on Tuesday that interest rates were likely to stay low for some time yet would be enough to kick start the momentum again next year, they say.
Auction clearance rates have been falling for the past two weekends as a record number of houses and apartments are rushed to market before Christmas. Last Saturday's rate of 74.3 per cent was the lowest since July...
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