A sharp jump in the number of auctions taken off the market at the last minute helped to send clearance rates last week to a six-year low.
Vendors pulled scheduled auctions at more than double the rate of a year ago, as expectations of a fifth interest-rate rise for the year on Tuesday clouded sales campaigns that had started off more optimistically. Almost one-quarter of auctions scheduled for the week to Saturday were pulled, up from 11.2 per cent a year ago, analysis by data provider Cotality shows.
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