Melbourne prepares for massive auction weekend
Melbourne is gearing up for its fifth largest auction weekend in history, with volumes expected to surpass the 1,200 mark, according the Real Estate Institute of Victoria (REIV).
This weekend (March 23-24), an estimated 1,210 residential properties will go under the hammer - significantly higher figure that the 703 and 956 auctions recorded during the same period last year and in 2010 respectively.
Over the last few weeks, Melbourne has consistently enjoyed health auction results, with last weekend seeing a 68 per cent clearance rate achieved from 831 auctions.
The REIV attributed a change in consumer sentiment to the improving property market.
"There are two reasons for the high number of auctions, firstly as consumer confidence levels are slowly rising more owners are prepared to sell and secondly a traditional spike in listings caused by Easter the following weekend," the organisation stated.
The largest ever weekend in Melbourne was March 14-15 2008, where a 67 clearance rate was obtained from 1,351 auctions.
This is followed by 1,241 auctions in November 2003 and 1,235 auctions in December 2010, the REIV added.
Those interested in buying a piece of residential real estate in Melbourne this weekend may be interested in checking out the areas of Brighton, South Yarra and Glen Iris, which are all expecting more than 20 auctions.