DEFYING fears of a potential wash-out, buyer demand proved strong enough to weather the flood of properties that hit the market this week.The Real Estate Institute of Victoria reported that 78 per cent of the 997 properties up for auction sold.While it is the first time that the clearance rate has fallen below 80 per cent in six months, the amount of stock available jumped more than 40 per cent on last weekend to hit its highest level since April 2008.REIV spokesman Robert Larocca said: “At this time of year, as stock levels increase ahead of the holidays, the balance starts to shift back towards purchasers.”Not even the booming market of 2007 was exempt from this trend, with the clearance rate also falling below 80 per cent for the first time on this weekend. In 2008, when the global financial crisis was in full swing, the clearance rate bottomed out at 52 per cent.Market watchers should take note that RP-Data Rismark will release its October property price data tomorrow, which is likely to show that the market is now slowing under the combined pressure of the first 0.25 per cent interest rate rise and the roll-back of the first home owners grant.
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