Sydney property sales in slowdown18 October 2015 by News Desk
The number of residential properties sold in Sydney, Australia, has fallen to its’ lowest level in three years.
Slowing price growth and a fall in the number of properties being sold at auction has led the Reserve Bank of Australia to report a turn in sentiment in both Melbourne and Sydney, the country’s major property markets.
Sydney, in particular, has seen a “remarkably sharp fall” in recent months and property clearance rates in Sydney’s western suburbs have fallen below 50%, creating a buyers’ market. This time last year the clearance rate was 72%.
Across the country there were over 2,800 auctions and a clearance rate of below 70 per cent for the fifth successive week, according to property specialists Domain.