Mornington Peninsula auctions beckon
Melburnians planning to hit the residential real estate auction trail this weekend (March 30-31) may be interested in checking out the Mornington Peninsula area, with more than 20 properties in the region set to go under the hammer.
The Real Estate Institute of Victoria (REIV), is expecting 60 auctions across Melbourne, with 40 per cent of these to be located in the Mornington Peninsula.
The subdued activity this weekend is largely due to the Easter holiday, with it following on from a period of both heightened auction volumes and sales.
Last weekend was touted as the fifth biggest in Melbourne's auction history,recording sales totalling almost $1 billion.
"After the solid result last weekend when around $916 million worth of homes were sold the year to date clearance rate was 69 per cent compared to 62 per cent this time last year. The market has clearly lifted since last year," the REIV stated.
Surrey Hills and Thornbury have recorded the highest clearance rates of the year at 90 per cent, with the REIV expecting this is because these areas are significantly priced below their peaks at 20 per cent and eight per cent respectively.