According to The Australian Financial Review, a glut of unsold homes in Sydney and Melbourne is forcing sellers to discount their asking prices and creating bargains for buyers willing to take the risk of prices falling further, as the largest housing market correction in at least 40 years accelerates.
Clearance rates in Sydney have fallen below 50 per cent for the first time since the market was shut down by the pandemic. Before that, it was in the latter part of the downturn between 2017 to mid-2019 when clearances rates last went below that level.
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