Melbourne auction market enjoys 'boom' time
Melbourne's residential property market continues to go from strength to strength, with the latest auction results pointing towards a recovery in the sector.
According to the Real Estate Institute of Victoria (REIV), 1,106 dwellings went under the hammer over the weekend (March 23-24) - significantly more than the 703 recorded during the same timeframe last year.
A clearance rate of 68 per cent was achieved from auctions held over the last two days, with 753 sold and 353 passed in - 223 of which were on a vendor bid.
REIV chief executive officer Enzo Raimondo said the latest auction figures indicate that the real estate sector is strengthening - a trend that may be welcomed by buyers and sellers alike.
"Today's result demonstrates the underlying strength of the market currently as the outcome is consistent with this year's trend and the volume of auctions is higher than seen since mid-December 2010," Mr Raimondo remarked.
The priciest home to sell over the weekend was a $5.1 million Kew residence, followed by a $5 million Elsternwick property for $5 million.
By comparison, one savvy buyer picked up the bargain of the weekend with a $209,000 Pakenham house.