Spring in the step of Melbourne house buyers
Confidence appears to be returning to Melbourne's residential real estate sector, with property volumes increasing as the spring auction season progresses.
According to figures from the Real Estate Institute of Victoria (REIV), 670 properties are set to go under the hammer this weekend (October 20 - 21), with volumes surging to about 1,200 later in the month.
During the same period last year, 825 properties went up for auction, with a 53 per cent clearance rate.
Last weekend 643 dwellings hit the auction market, recording a 60 per cent clearance rate.
Melbourne house hunters looking for a purchase may be interested in the suburbs of Richmond, St Kilda East and Balwyn North which are expected to see the highest number of auctions over the next two days.
REIV's September quarter median show those in the market for a new home in the Victorian capital can expect to fork out an average of $691,000 for an auction home.
In comparison, the average cost of a private house sale is $461,000.
"The higher median for those sold at auction reflects the higher rate of auctions in the more expensive inner suburbs," the REIV said on its website.