A beach­side beauty

Herald Sun - Property - - MARKET WRAP -

cov­eted growth zone. The devel­op­ment site at 18 Royal Ave sold for $1.705 mil­lion, achiev­ing $75,000 more than the ven­dor’s re­serve, Harry Li, of iSell Group, Spring­vale said.

Mr Li said the re­sult was above ex­pec­ta­tions, con­sid­er­ing a nearby prop­erty with ap­proved plans fetched $1.5 mil­lion in mid March.

Across the mar­ket, 516 sales were re­ported last week to CoreLogic, which recorded a pre­lim­i­nary 69 per cent clear­ance rate, down from 72 per cent the pre­vi­ous week.

WBP Prop­erty’s Gre­ville Pabst said the lim­ited vol­ume of auc­tions was the ma­jor fac­tor to Mel­bourne’s slow­down.

“Vol­umes have de­clined to the ex­tent that a num­ber of real es­tate agents have re­ported the low­est num­ber of list­ings on record per sell­ing agent, on av­er­age, at this time of year,” Mr Pabst said.

Mr Pabst said it was clear many ven­dors and agents had de­cided to wait out the school hol­i­days.

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