Auction market improves in Melbourne
Auction volumes in Melbourne are set to surge over the coming weeks, with this weekend (February 16 - 17) expected to see more than 400 homes go under the hammer.
According to the Real Estate Institute of Victoria (REIV), 450 properties will go to auction - significantly more than the 231 recorded last weekend.
During the same two days last year, 303 dwellings were auctioned - recording a clearance rate of 64 per cent - while the same weekend in 2011, 424 auctions were held.
"Auction volumes continue to rise throughout this month, doubling this weekend and then again next weekend," the REIV said.
"The increase in stock will be welcomed by buyers who sometimes struggle to find the home that meets their needs when listings are low."
For those embarking on the search for residential real estate this weekend, the REIV said Balwyn North and Richmond will have the largest number of auctions - both of which will have nine.
And prospective buyers will continue to see more choice on the market, with the following weekend (February 23-24) set to see 950 auctions, and 970 during the first weekend of March.