Melbourne hits $1 billion property mark

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MELBOURNE’S property market has smashed through the $1 billion mark for the first time as markets continued to show signs of strong recovery across Australia over the weekend.

The $1 billion barrier was broken during a record weekend for auction prices in Melbourne combined with soaring prices achieved for private sales during the week.

Across Australia, auction clearance rates in Sydney reached 75.3 per cent at the weekend, up 2.1 percentage points from the previous week, while Adelaide clearances were up 18.6 percentage points to 76.5 per cent.

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