Rise in reports of no-bid auctions

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Most vendors seem to be finally getting the message that Melbourne’s property market has turned — and not in their favour.

Stock levels are forecast to decline in July, which isn’t surprising in the light of growing reports of no-bid auctions and lacklustre sales results, especially for second-tier and lower-quality properties. There’s an average of 570 auctions scheduled for each of the next three weekends, well below the record number of about 800 a week seen in June.

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