Auction market strengthens in Victoria
House hunters in Victoria can expect another bumper weekend in residential property auctions, with almost 700 dwellings to go under the hammer.
The Real Estate Institute of Victoria (REIV) is expecting 670 auctions around Melbourne this weekend (October 13-14), following on from a strong start to the spring auction season.
For those in the market for a new property in the Victorian capital, the highest volume of auctions will be in Reservoir, Elwood, Caulfield North and Richmond.
During the same weekend last year, auction numbers were slightly up, with 684 dwellings hitting the auction market, recording a clearance rate of 54 per cent.
The same period in 2010 saw 706 auctions with a clearance rate of 66 per cent.
While it is still too early to determine if interest rate cuts earlier this month will spark homebuyer attention, increased activity in the Victorian property market indicates renewed confidence in the sector.
"With auction volumes continuing to lift between now and the end of the month it will become clear if the increased demand recorded over the past month is the start of a wider improvement in the state of the market," the REIV said on its site.