Residential
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Experts have lauded the latest auction data for real estate in Melbourne, with clearance rates doing better than the ten-year average.
The weekend's (March 2-3) success rate of 69 per cent follows a 72 per cent clearance rate from last week, and 61 per cent clearance rate from last year.
The Real Estate Institute of Victoria (REIV) found that clearance rates for 2013 are tracking 20 per cent higher than the decade average, said REIV chief executive Enzo Raimondo.
He explained: "Along with this weekend's result, this underscores the healthy improvement seen in the residential market so far this year.
"There were 884 auctions reported to the REIV this weekend, with 612 selling and 272 being passed in, 155 of those on a vendor bid."
The highest valued property to go under the hammer was a South Yarra home that sold for $6.45 million, closely followed by a Brighton home which changed hands for $6.2 million.
On the bargain side, the cheapest home to sell was a $210,000 Frankston North property.
The least expensive unit was a Hallam apartment that sold for $245,000, while the most expensive was a $1.58 million Richmond apartment.
