Mansions fall off hot property list

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A LACK of quality stock combined with economic uncertainty is creating a challenging environment for Melbourne’s million-dollar-plus real estate market.

The $1 million to $2 million price bracket recorded the lowest clearance rate of all market segments, with less than half of the 70 auctioned properties sold.

Overall, there were 628 auctions in Melbourne reported to the Real Estate Institute of Victoria at the weekend, producing a clearance of 53 per cent. There are 84 auction results that have not been reported.

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