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Australian property auctions cool down

Sydney and Melbourne home buyers were not enticed to buy property over the weekend, with auction rates failing to hit 60 per cent.

In Sydney, 52.9 per cent of properties cleared – down from 63.4 per cent last weekend.

The most expensive property sold at the weekend was a three bedroom house in Bronte, which sold for $2.385 million.

The most affordable property sold at the weekend in the capital city was a three bedroom, $235,000 house in Blue Haven.

In Melbourne, the story was much the same.

Just 57.8 per cent of properties cleared over the weekend.

Real Estate Institute of Victoria chief executive Enzo Raimondo said auctions had failed to entice buyers all year, with the average rate for the year sitting at 59 per cent.

“This time last year, the average auction clearance rate was 77 per cent,” Mr Raimondo said.

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