Uncertainty for auction action

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WITH Melbourne property prices continuing to fall in the past few months, vendors are experiencing a challenging 2011 market characterised by uncertainty.

RP Data-Risrnark reports that dwelling values across the city have dropped 3.6 per cent since the start of the year.

Combined with a clearance rate that has been below 60 per cent since May, it points to a market noticeably weaker than last year.

Although conditions may look to be favouring buyers, auction action has generally been quite reserved and hard to predict.

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