Supply surges as demand weakens

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There have been bigger auction days this year but none has been as closely watched as yesterday. A staggering 885 properties were up for sale, the heighest stock level ever recorded for a winter weekend

With a wealth of choice for buyers, the clearance rate, unsuprisingly, took a hit. The Real Estate Institute of Victoria reports that 67 percent of properties sold. That’s the lowest it’s been in about 18 months.

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