Scarcity of good-quality stock fires up market

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PUNDITS in Melbourne say there has been a spike of activity for top-end homes, but buyers are avoiding anything with a perceived weakness.

While the auction clearance rate is still only 55 per cent in Melbourne, there has been activity in the upper end during the past couple of weeks.

Last weekend at least four properties sold under the hammer for more than $3 million each, including an Edwardian home at 78 Blessington St, St Kilda, with a modern extension.

Six bidders vied for the property which was sold by Ashley Williams, owner of Evolve Developments. It went for $3.4m when the hammer fell.

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