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Auction market in flux

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Auctions are getting busier and vendors are making more money than expected, while clearance rates have posted a surprising improvement. Photo: Craig Sillitoe

The clearance rate seems to be up, but it may be misleading.

Melbourne’s auction market has posted a surprising improvement, with the clearance rate yesterday hitting 66 per cent.

The Real Estate Institute of Victoria based this performance on the results of 326 auctions, although the outcome of another 84 auctions — or about 20 per cent of the total scheduled — had not yet been reported to the group yesterday.

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