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Sydney, Melbourne property markets still slow

Staff Reporter 1 minute read

The nation’s leading property markets once again failed to deliver impressive auction results over the weekend, despite dramatic rate reductions and government incentives.

Only 44.7 per cent of Sydney properties up for auction went under the hammer according to Australian Property Monitors.

Melbourne achieved a slightly stronger result of 48.1 per cent.

The results come as the New South Wales government is set to announce further incentives to encourage first home buyer activity in its mini-budget today.

First home buyers in New South Wales are expected to be eligible for a further $3000 towards their first home.

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Published: 10-11-08

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