CLEARANCE rates again crashed to record lows over the weekend, with the lure of the increased first-home owners grant failing to offset buyers' concerns about the global financial crisis.
In Sydney, the auction clearance rate plummeted to 39.6 per cent, 10 points lower than the figure recorded last weekend and 24 per cent lower than the figure recorded for the same weekend last year.
In Melbourne, the clearance rate fell 7 points to 45 per cent, 32 per cent lower than the figure recorded for the last weekend in October last year.
Australian Property Monitors senior economist Liam O'Hara said buyers were wary because of the international economic crisis, The Australian reported.
©News.com.au