Melbourne tipped for auction 'peak'
Melbourne's auction market is gearing up for a huge month of activity, with the next three weeks expected to see more than 2,000 residential properties go under the hammer around the city.
The Real Estate Institute of Victoria (REIV) said while there are only 200 auctions forecast this weekend (March 9-10), the subsequent two weekends will see thousands of dwellings flood the market.
"The following fortnight, with just over 2,000 auctions scheduled will provide the next test for the improving market. Next week around 870 are expected and then 1,210 in a fortnight," the REIV stated.
Those planning on hitting the auction trail over the next two days may be interested in the areas of Portsea, Rye and Warrnambool, with these expected to see the highest volume of sales over the weekend.
The REIV said the property market is showing positive signs of improvement, with February's results delivering the highest monthly clearance rate since May 2010 - 71 per cent.
Last weekend (March 2-3), a 68 per cent clearance rate was achieved from 915 auctions, while the same weekend in 2012 obtained a 61 per cent clearance rate from 857 auctions.