Melbourne auction market to return to high levels
Melbourne's auction market recorded a modest result at the weekend (March 9-10), with conditions expected to pick up over the coming months.
According to the Real Estate Institute of Victoria (REIV), 176 residential properties went under the hammer over the two days, achieving a clearance rate of 67 per cent.
During the same weekend in 2012, a 61 per cent clearance rate was obtained, while last weekend, a 68 per cent clearance rate was achieved.
REIV chief executive officer Enzo Raimondo attributed the latest results to the Labour Day holiday (March 11), stating that auction volumes will return to the higher level recently recorded.
"The overall volume of auctions this weekend is low due to the long weekend, consequently the result cannot be taken as representative of the state of the market," Mr Raimondo remarked.
"Next weekend (March 16-17), the REIV expects around 870 auctions, followed by 1,210 in a fortnight."
The most expensive home to sell over the last two days was a $1.5 million Collingwood apartment, while the cheapest dwelling to go under the hammer was a $255,000 Melbourne city apartment.