The pace of home sales slowing in Melbourne

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Weak auction clearance rates, interest rates fears may dent sellers’ hopes in mortgage belt

The pace of Melbourne property sales has moderated, while listings rise, in a trend expected to prompt some sellers to rethink their asking prices.

The time between the listing of a property and its sale has increased steadily since March in Melbourne with houses and units spending an average of 73 days on the market in June, up from 67 in May, according to Australian Property Monitors. Those figures remain well above the long-term average of 60 days, the data show.

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