South-east shines in glum market

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STRONG auctions for family homes in pockets of the south-east indicate resilient demand in the face of an overall lacklustre market.

While the clearance rate in percentage terms for melbourne’s auctions remains in the mid-50s, suburbs in the Glen Eira area have defied the general caution and produced some healthy results.

There were 561 auctions reported to the REIV over the weekend, producing a clearance rate of 55 per cent.

A three-bedroom home near the popular mckinnon Secondary College, which had four bidders competing, ended up selling for $136,000 above reserve.

Quoted between $800,000 and $880,000, 11 Collins Street in Ormond was on the market at $850,000 and sold for $986,000.

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