Defying fears of a potential wash-out, buyer demand proved strong enough to weather the flood of properties that hit the market this week.

The Real Estate Institute of Victoria reported that 78 per cent of the 997 properties up for auction sold.

While it is the first time that the clearance rate has fallen below 80 per cent in six months, the amount of stock available jumped more than 40 per cent on last weekend to hit its highest level since April 2008.

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