The Melbourne property market gathered even more steam over the weekend, with 81% of the 1300-plus properties up for auction reportedly finding a buyer.
The buying frenzy follows a Real Estate Institute of Victoria report last week suggesting that rents in Melbourne are likely to skyrocket due to very low vacancy levels.
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The extraordinary exuberance of the Melbourne property market at the moment was highlighted by reports that one buyer, who paid more than $6 million for a property in leafy Toorak, planned to demolish the luxurious home and construct a tennis court.
In Sydney, auction clearance rates reportedly hit 64%, an improvement on the 54.5% this time last year, although the 379 properties up for grabs were a long way short of those available in Melbourne.
Things moved more slowly in the other capital cities. Twenty eight of the 74 properties up for auction in Brisbane sold, for a clearance rate of 37.8%, while in Adelaide 20 of 56 properties sold for a clearance rate of 35.7%.