Property market revival hits a hurdle THE Melbourne property market has been slowed by a speed bump on the road to recovery. Auction clearance rates dipped to 69 per cent yesterday, compared to 72 per cent last week. With listing numbers 20 per cent above the 10-year average, it was still a healthy margin, Real Estate Institute of Victoria spokesman Robert Larocca said. "While the clearance remains clearly ahead of last year's 61 per cent, it's a healthy outcome," he said. But Wakelin Property Advisory director Richard Wakelin said the number of homes sold after being passed in yesterday was a sign home sellers must keep prices realistic. "Vendors have had to lower expectations today to meet the market and, in light of the past three or four weekends, perhaps some of the reserve prices were put up for the day," he said. Buyer demand would retreat in the coming weeks and bring the market back to a more balanced state, Mr Wakelin said. After a mix of sales under the hammer and properties being passed in, buyers advocate Catherine Cashmore said she anticipated the market would gain momentum in the short term, but slow by winter. Simon and Debbie Kelly were ecstatic after their two-bedroom apartment in Westgarth St, Northcote, sold for $491,000 - $26,000 more than their reserve. They said they were doubly lucky, having bought a house in Thornbury well below its initial listing price last year. "We bought the house because the market was low at the time and it's just been more luck than anything that the market has bounced over Christmas," Mr Kelly said.