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A first home buyer paid $680,000 for a Moorabbin unit in post-auction negotiations on Saturday, taking the keys from its investor vendors for less than it last sold for.

The renovated two-bedroom unit at 2/97 Rowans Road had been listed with a price guide of $650,000 to $690,000.

It was one of only 312 auctions scheduled in Melbourne on Saturday, a quiet quasi-long weekend due to the upcoming Melbourne Cup holiday on Tuesday.

The Moorabbin unit market is Melbourne’s fastest-rising property market . The median unit price in Moorabbin is $752,500, on Domain data, up 26.5 per cent in the 12 months to September, the strongest rise of any suburb for either units or houses.

But the area’s growth was not quite enough for the well-presented home to reach i

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