Melbourne’s property market opens 2010 with bang!

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MELBOURNE’S property market has witnessed its strongest opening month on record, with soaring buyer demand expected to fuel further price rises and aggravate the city’s growing problem with housing affordability.

Yesterday the auction clearance rate hit 86 per cent despite the number of properties set to go under the hammer rising to more than 886, according to the Real Estate Institute of Victoria.

This latest result, which was billed as the market’s first big test of the year, caps a string of strong sales performances that have made the opening month of the 2010 market the strongest since records began seven years ago.

REIV spokesman Robert Larocca said the exceptionally strong start showed buyers had shrugged off concerns about rising interest rates.

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