Residential property perks up

Top end residential sales enjoyed a bumber weekend with three sales over $10 million on Sydney’s north shore, and one South Yarra block of land in Melbourne also changing hands from more than $7 million. And the revival may extend more widely. According to data from the Real Estate Institute of Victoria, the auction clearance rate has climbed to nearly 60 per cent, the same as it was this time last year. However, alternative data compiled by Australian Property Monitors found that the clearance rate in Melbourne last weekend was 44.3 per cent while in Sydney it was 46.2 per cent.