Melbourne property continues to steam ahead after agents sold an enormous $341.9 million worth of property on Saturday, with a clearence rate of 70% of the 658 properties sold according to the REIV.
Melbournes most expensive property on Saturday was a four bedroom, 3040sq m property at Ivanhoe, which sold for $4.3m, and the cheapest was a Rockbank property which sold for $237,000.
In other cities, Sydney auctioneers cleared 72.5 per cent of their 316 listed properties, with the most expensive being a six bedroom home in Burwood which sold for $4.2m.
APM head of research Yvonne Chan said the strong results came on the back of unusually high levels of stock in the marketplace, especially for winter.
Ms Chan said the effect of interest rate rises and the withdrawal of stimulus had forced many first-home buyers out of the market, creating higher demand for rentals.
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