Prahran trophy home secures 12 percent annual price growth

Melbourne's highest sale was $2.415 million at 5 Closeburn Avenue, Prahran, a four bedroom 1905 Edwardian brick home that sold through Kay & Burton.

It had sold the same time last year at $2.155 million - so 12 percent annual price growth - when it was sold through the Marshall White agency who had given a $1.7 million price guidance.

The Prahran sale edged out a $2.25 million Altona sale for the top spot. The 123 Esplanade, Altona sale was a two storey home opposite the beach, two blocks from the pier.

The cheapest weekend sale in Melbourne was a $235,000 Elwood flat at 6/6 Cyril Street that had last sold in 2008 at $195,000 and $220,000 in 2001. It had been a $230 weekly rental when advertised earlier this year, reflecting a five percent rental yield. Woodards Real Estate had been quoting $195,000 to $210,000 for the 1970s one bedder.

There have been 11 suburbs with clearance rates above 90 per cent this year, including Collingwood, Dingley Village and Seddon, according to the Real Estate Institute of Victoria.