Some signs of stabilisation in frenzied market

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HUNGER for Melbourne property remains insatiable, as buyers continued to snap up real estate at the weekend despite a boost in stock levels.

The clearance rate dropped slightly, to 81 per cent, from a reported 812 auctions – about 300 more than last week.

Advantage Property Consulting’s Frank Valentic said a two-bedroom Carnegie property may have set the record for an apartment in the suburb, after more than 10 bidders pushed the selling price to $627,000. He said the property sold above expectation, as another one in the block had sold six months ago for $450,000.

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