Prestige property going gangbusters but clearance rates glum elsewhere

A campaign for 17 St Georges Road in Melbourne’s Toorak, which has a $65-$70 million price guide, is drawing attention at the top end.”We had four local buyers and one international buyer on the phone. Once the property was announced on the market at just over $10 million, then two locals battled it out,” he said.

“The RBA will be looking closely at both how high inflation prints, as well as how broad inflation is across the economy,” market economist Taylor Nugent said. In Sydney, the preliminary clearance rate slipped to 56.6 per cent from 56.9 per cent a week earlier, as the number of homes up for auction rose to 678 from 638.

Melbourne posted a preliminary clearance rate of 57 per cent, based on the 595 reported results of 712 scheduled auctions. A week earlier, the initial rate was 55.6 per cent.

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