Mixed picture but market holds firm

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DESPITE the volatility of the sharemarket, Melbourne’s property market is holding relatively firm due to underlying demand.

At the weekend, 431 auctions were reported to the REIV, producing a clearance rate of 57 per cent.

The clearance rate is much lower than the 67 per cent recorded from the 598 auctions held this time last year, but different segments of the market are painting a mixed picture.

There was strong bidding among first home buyers but sharemarket trauma seemed to have more of an effect at the top end, according to Advantage Property Consulting’s Frank Valentic.

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