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Melbourne Clearance Rates Continue Strong Form

By Belinda McGuire

Melbourne's auction success from the recent weekend (March 23-24) has been on display with a 68 per cent clearance rate – an occurrence which may interest people who are looking to sell property in Rowville.

Of the 1,106 auctions that took place, 753 were sold, with 353 being passed in, 223 being done so on a vendor bid.

Real Estate Institute of Victoria (REIV) chief executive Enzo Raimondo explained that the results reflect the improving market.

He said: "Today's result demonstrates the underlying strength of the market currently as the outcome is consistent with this year's trend and the volume of auctions is higher than seen since mid-December 2010."

This weekend's 68 per cent success rate follows an identical clearance rate from last weekend, and proves to be much better than the 59 per cent clearance rate from the same weekend in 2012.

A $5.1 million Kew property was the top priced selling piece of real estate for the weekend, just beating out an Elsternwick home by $100,000.

The biggest bargain house to sell over the two days was a $209,000 Pakenham property, while a Hampton Park apartment was the least expensive unit, going under the hammer for $185,000.

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