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Subdued Melbourne market is calm before the storm

As was expected, the Melbourne auction market was subdued over the weekend due to the Queen's birthday celebrations, which were recognised throughout the Commonwealth.

In fact, the auction market recorded a year-low clearance rate at just 65.8 per cent on Saturday 11th June, reports Domain.

This was quite far below the 74.4 per cent from the previous weekend and much lower than the 81.4 per cent that was noted over the same weekend in 2015.

In general, there were fewer properties taken to auction, with just 265 listed, which is well under the 841 that were set to go under the hammer the weekend before.

Despite this, this is still more houses than the 241 properties that were brought to market over the same weekend last year.

It's expected that due to the low rate of the past weekend, this Saturday will see a surge, as nearly 1,000 listings are set to come to auction.

This is due to create a positive shake-up of the already robust Melbourne market, as both buyers and sellers are expected to be completely focused after the holiday weekend.

Although the holiday weekend was something of a distraction, Melbourne's northern suburbs continued to lead the positive results of the region.

Out of all the clearance rates, the north was recorded with a high of 90 per cent, closely followed by the east with 82.8 per cent. Even the inner south, which reported the lowest rate, still managed to impress with a clearing of 57.1 per cent.

The most notable sale over the weekend was a five-bedroom home in Alphington, which sold for $2.84 million(£1.48 million) by estate agent Nelson Alexander.

On the other end of the scale, the most affordable property was a one-bedroom unit, which came under the hammer for $288,000.

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