Selective Buyers Still Fuelling Demand Around City

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MELBOURNE’S metropolitan wide clearance rate may have been sliding in recent weeks, but that does not mean the market is moving at the same speed in every part of the city.

In fact, demand in some quarters and for some properties is still as insatiable as ever.

Take the case of a double fronted, free-standing Victorian on Stanley Street in Richmond, which sold yesterday for a stunning price despite being an unliveable wreck.

More than a decade ago, police seized the property as part of a crackdown on a major drugs operation, which had seen the interior stripped to set up a hydroponics farm for growing marijuana.

Sold by the authorities in April 2000 for $420,000, the four bedroom house has reportedly sat untouched since.

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