Market glut favours buyers

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MELBOURNE real estate is facing a key test over the next few weeks as interest rate rises bite into the number of homes sold and a potential over-supply of properties clogs the market.

But how well the market performs will depend on who is keeping score — buyers or sellers.

Clearance rates — the percentage of properties sold at auction — are a key indicator of buyer demand. In 2008 the end-of-year clearance rate was a low 64 per cent because of the global financial crisis — from more than 40,000 transactions.

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