Property market continues its red hot burn

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MELBOURNE’S property market has officially begun 2010 with a bang, trading real estate worth a record $1 billion in the past week.The value of properties sold surpassed the previous record $963 million, which was set in mid-December last year, despite 90 fewer houses being offered for auction.Real estate worth more than $700 million was auctioned this week, in what was also the strongest opening month since records began seven years ago.A reported 967 auctions this weekend produced a strong clearance rate of 87 per cent, in a month when the rate remained above 83 per cent.

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