Salvation Army Reaps $1.95 Million From Riverfront Kew Home

THE SALVATION Army has reaped $1.95 million from the sale of a riverside Kew property it acquired as part of a bequest last year.

The Blythswood Court home was left to the Salvation army last year by artist and art dealer Valerie Albiston.

The 814 square metre block of land at # 4, has views of the Yarra River toward the CBD. However, in coming years, a major development site opposite the river and house has recently been acquired by the Hamton Property Group, and will make way for an apartment building.

Melbourne's auction clearance rate was 76 per cent, according to the Real Estate Institute of Victoria.

It reports of the 439 auctions scheduled for auction this weekend, 73 sold prior and 106 passed in (70 of which were on a vendor bid).

A total of 473 auctions are scheduled for next weekend, and more than 550 for the following two weeks before the market slows for the Queens Birthday long weekend, the last Victorian public holiday until November.