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Election causes auctions to drop in Sydney

Sydney has seen a fall in the number of houses going up for auction.

The amount of properties going up for auction has dropped dramatically ahead of the upcoming federal election.

According to Australian Property Monitors (APM), only 212 properties are due to go under the hammer this weekend compared to the previous week where 548 were open to bids.

Senior economist for APM Andrew Wilson said in an article for The Age: "The distraction of Saturday's federal election has caused the relatively quiet weekend, many sellers deciding to schedule their home auctions on either side of the election to avoid any conflict of attention with buyers."

This is in line with the recent claim from Let's Rent, which was reported in Property Observer, that rental costs in Syndey's inner city was on the decline. Lisa Indge, director of the lettings agency, said that the decline in rental rates was likely to be because people are either more aware of politics in this area or feel more likely to be affected by a government change.

Posted by Ravin Chatlani

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