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Auction clearance rates the highest since October 2016

Despite a huge 1395 auctions last Saturday, Melbourne showed its property appetite with a clearance rate of over 80%. This result being the third highest in the last 12 months for total auctions on a single day.

Notable sales include 115 Page Street in Albert Park, which drew enormous crowds with the opening bid hitting the reserve. The bidding climbed between three parties before ultimately hitting $4,735,000. 17 Spring Street in Malvern went for over $775,000 over hit an enormous $5,075,000. The auction ended in less than a minute with both parties raising in $100,000 increments.

Regionally, Melbourne performed as follows:

South-East: 88.1%

North-East: 86.3%

West: 85.9%

Outer-East: 83.5%

Inner-City: 82.9%

Inner-East: 80%

North: 78.8%

Inner-South: 78.7%

 

Read more: http://www.domain.com.au/group/agent-news/super-strong-melbourne-market-delivers-boom-time-results-on-record-auction-day/