PHOTO: A 1905-built Queen Anne house on 1587 sqm at 31 Trelawney Street, Eastwood, brought home the bacon. Photo: McGrath Epping

The Sydney weekend auction clearance rate fell below 55 per cent on Saturday as home sellers reduced their reserve prices in some suburbs.

Agents are upping the pressure on vendors to take a “haircut” on the prices they had hoped to achieve.

This is being driven in part by a desire by agents to keep sales transactions ticking over and partly by the borrowing constraints being placed on buyers, which is reducing the sums that many are able to bid. But this is not so much of a problem among buyers who are selling homes in which they have a lot of equity and repurchasing in the same area or downsizing.

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