Bumper auction weekend in store for Melbourne
The Melbourne auction market is gearing up for its biggest weekend in almost two years as an influx of properties prepare to go under the hammer.
This weekend (October 27-28), 1,180 auctions are set to take place around the Victorian capital - the highest number since December 2010.
Clearance rates have consistently hovered around the 60 per cent mark, indicating renewed confidence in the residential property sector among buyers and sellers alike.
According to the Real Estate Institute of Victoria (REIV), the highest number of auctions on one weekend was in March 2008 when 1,351 auctions took place around the city.
"Of the 22 weekends in the past decade with greater than a 1,000 auctions the clearance rate has varied from 85 per cent in March 2010 to 45 per cent in December 2003," the REIV said on its website.
House hunters on the lookout for new property around Melbourne may be interested in visiting the suburb of Richmond which will hold the highest number of auctions over the weekend.
Hawthorn, St Kilda, Northcote, Kew and Camberwell will also be auction hotspots over the two days, with at least 18 properties in each postcode up for sale.