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Buyers battle over houses as home listings dwindle

Home buyers are battling for properties, with historically low numbers of homes up for auction fueling high clearance rates.

There are 27 per cent fewer homes for auction at the moment, compared to the same time last year.

Leah Calnan, senior vice-president of the Real Estate Institute of Victoria, said there are several reasons why people are hesitant to sell.

“Generally we see when the federal election is on the real estate market certainly quietens down,” she told 3AW’s Ross and John.

“There’s been a lot of negativity out in the market around the real estate industry.”

Auction clearance rates have been above 70 per cent for eight consecutive weeks.

“If you are thinking about it and it is the time for you to sell, don’t hold off… talk to your local real estate agent,” Ms Calnan said.

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