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Melbourne property sales defy traditionally slow winter

The Melbourne property market is remaining strong throughout winter.

Winter is traditionally a slow time for the Australian property market, however Melbourne is bucking this trend with the auction of 515 residential properties this weekend.

WBP Property Group report that almost three-quarters of these homes were sold at auctions across the city, witnessing large crowds and multiple bidders.

This included strong results in the inner and middle ring suburbs of Melbourne, with very few high quality properties remaining at the end of the weekend.

Prices for units and apartments have so far risen between eight and ten per cent so far this year, with values set to increase in the second half of 2013, according to the property advice and management company.

Chief executive officer of the firm, Grevill Pabst stated on Twitter that on Saturday August 3rd and Sunday August 4th there was a 75 per cent clearance rate recorded. This is six per cent higher than the previous weekend and 15 per cent more than the rate this time last year.

Posted by Steve Douglas

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