Auction Fever: What's Behind Melbourne's Surging Prices? Melbourne's property market continues to defy expectations. A "knockout" bid of $3.
4 million secured a Californian bungalow in Northcote, marking the first time since before the May budget that the clearance rate has ticked above 60%.
The preliminary auction clearance rate recorded by Domain was 63% from reported results last week. This trend isn't limited to Northcote, however.