Auction boom continues in Melbourne
Melbourne's auction market continues to go from strength to strength, after the weekend (March 16-17) recorded another positive set of results.
According to the Real Estate Institute of Victoria (REIV), a clearance rate of 69 per cent was achieved from 804 auctions - a better result from the 61 per cent attained last weekend and the 58 per cent enjoyed during the same timeframe last year.
REIV chief executive officer Enzo Raimondo said this year has seen a significant increase on the number of residential properties up for auction - an indication that conditions are becoming increasingly favourable for those selling a house.
"This year there has been an increase in the overall value of residential sales at auction with $1.8 billion worth of homes having sold compared to $1.5 billion this time last year," Mr Raimondo remarked.
"The value of private sales is also estimated to have risen from $3.9 billion to $4.5 billion."
The most expensive home to sell over the two days was a $4.85 million Brighton residence, while the cheapest was a $156,000 Pakenham house.
By comparison, one buyer splurged $1.8 million on a Glen Iris apartment, while a thrifty shopper picked up a Frankston apartment for $168,000.
The REIV is expecting more than 1,200 auctions next weekend.