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news.com.au | Melbourne hits $1 billion property mark
2 March 2010
MELBOURNE'S property market has smashed through the $1 billion mark for the first time as markets continued to show signs of strong recovery across Australia over the weekend.
The $1 billion barrier was broken during a record weekend for auction prices in Melbourne combined with soaring prices achieved for private sales during the week.
Across Australia, auction clearance rates in Sydney reached 75.3 per cent at the weekend, up 2.1 percentage points from the previous week, while Adelaide clearances were up 18.6 percentage points to 76.5 per cent.
Australian Property Monitors said that total weekend auction revenue for Sydney, Melbourne, Brisbane and Adelaide was up $146 million on the same time last year, The Australian reports.
The top-priced sale was a three-bedroom home in Melbourne's Toorak, which sold for $4.7m. Experts predict there is no end in sight with property prices headed even higher, even on the back of interest rate rises.
news.com.au | read full article > |
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