Auction clearances slump in Sydney

New South Wales auction clearance rates fell to 42 per cent in December, down from 68 per cent in August. The figures include properties withdrawn from sale prior to auction. Although it's customary for clearance rates to fall during the summer holiday period, the average rate for December is usually about 55 per cent. Median house prices also fell, indicating vendors are accepting lower offers. Home Price Guide said that clearance rates should rise next month.