Market Report – November 7th 2010

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CLEARANCE PLUNGE AFTER RATE HIKE THE spectre of rising interest rates cast a shadow over Victoria’s auctions yesterday, sending clearance rates to their lowest level since the global financial crisis hit in 2008.

Yesterday’s 61 per cent clearance rate was 20 per cent below the corresponding weekend last year.

While most agents and buyers advocates were talking down the impact of last week’s rate rise — the seventh since September last year — all agreed that the market sentiment had shifted to caution.

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