Auction market returns for 2013
The summer selling season has resumed in Melbourne, with the weekend (February 2-3) seeing a modest number of buyers hit the auction trail.
According to data from the Real Estate Institute of Victoria (REIV), 108 residential properties went under the hammer over the last two days, recording a 71 per cent clearance rate.
Of those that went to auction, 77 sold and 31 were passed in - a strong result considering the low stock volume.
REIV chief executive officer said figures from the December quarter showed the average price for a house sold at auction lifted 2.4 per cent to $710,784 compared to an increase of 2.4 per cent to $464,949 for one sold by private sale.
The most expensive residential property to sell over the weekend was a Portsea house for $2 million, while one buyer snapped up a Wyndham Value home for $121,000 - the lowest sale over the two days.
Mr Raimondo said the auction market would continue to improve throughout the month.
"The REIV is expecting around 220 auctions next weekend. The volume will continue to increase to a high point of 950 on 23 and 24 February," he remarked.