Buyers emerge for Melbourne's auction boom
The Melbourne residential property sector appears to be turning a corner, after recording one of its best weekends in auction sales for almost two years.
More than 1,000 dwellings went under the hammer around the city over the weekend (October 27th-28th), recording a clearance rate of 66 per cent.
The results show strong performance in the real estate sector, with the figures surpassing last weekend's (October 20-21) 60 per cent clearance rate, and 50 per cent during the same period the year before.
Real Estate Institute of Victoria chief executive officer Enzo Raimondo said the weekend's results showed renewed confidence in the sector, which looks to be leading to recovery in the market.
"This is a very healthy result, especially when compared to this time last year and given the high number of auctions," Mr Raimondo explained.
"A further sign of the improving sentiment is the increase in residential transaction volumes this spring, with around nine per cent more auctions being held than at the same time last year."
1053 dwellings went to auction across Melbourne over the two days, with 690 selling and 363 being passed in.