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Property News

900 auctions expected in Victoria

December 08, 2011

A review of the housing turnover statistics by the leading residential property body in Victoria has given professionals and investors some insight into the expected sales events.

The Real Estate Institute of Victoria (REIV) has said that it expects a total of 900 auctions to take place over the coming weekend (December 10 and 11).

It says that the clearance rate - which has held steady since May - will most likely be around or above the 50 per cent mark.

Last week the REIV registered 761 public sales events across the state, with over 53 per cent being sold at the time.

This time last year there were 1,235 auctions recorded, while in 2009 there was 1,065 properties listed for public events.

The REIV reports that consistency seems to be the guiding factor in sales and volumes over the state, with both demand and supply remaining at static levels throughout the year.

However, it should be noted that the clearance rate generated by Victorian data is not representative of individual suburbs and is highly dependent on the number and types of properties available for sale at the time.

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