Confidence returns to Melbourne's real estate market
Improving consumer confidence could be the key to Melbourne's property market recovery, according to Victoria's peak residential real estate body.
Buyers emerged in droves for the auction weekend (February 23-24), the Real Estate Institute of Victoria (REIV) stated, with it recording the strongest result in more than two years.
Just over 900 dwellings went under the hammer over the two days, with 657 selling and 246 being passed in.
The 73 per cent clearance rate was an improvement on last weekend's 70 per cent, and the same period in 2011, which recorded a 57 per cent clearance rate.
REIV chief executive officer Enzo Raimondo said the weekend's results are a positive sign for Melbourne's property market.
"There can be no doubt the improving trend that started last year has continued this year and it reflects improved consumer confidence," Mr Raimondo said.
The average selling price of a house over the weekend was $770,000, with the most expensive home to sell a $5.15 million East Melbourne property.
By comparison, the median price of a flat or apartment was $541,100, with the priciest dwelling to sell in this group a $1.3 million Brighton residence.