Lowering expectations may pay off for vendors

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RIGHT from the start of 2010, it was pretty clear that something remarkable was about to happen in Melbourne’s property market.

No sooner had the Christmas holidays passed than would-be buyers were back in the market in force, swamping open-for-inspections and snapping up what few properties were available so early in the year. Back then, Market Wrap reported that home hunters were having to queue just to get into the opens, with many properties netting dozens of people passing through in a matter of minutes. It’s worth remembering because these early signs of pent-up demand foreshadowed the record setting market conditions that quickly followed auctions with a half-dozen bidders, a sky-high clearance rate and soaring prices.

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