Melbourne auction market gains momentum
Melbourne's auction market is gearing up for another big year, with dwelling volumes steadily increasing into the second month of 2013.
According to Real Estate Institute of Victoria (REIV) data, 220 residential properties are expected to go under the hammer in the next two days (February 9 - 10) - over 100 more than last weekend.
During the same weekend last year, 127 homes went to auction - recording a 54 per cent clearance rate, while during the same period in 2011, a 56 per cent clearance rate was achieved from 189 properties.
For those planning to hit the auction trail, the REIV is tipping Warrnambool, Mount Waverly and Bentleigh East to have the highest volumes.
While recent house price figures from the Australian Bureau of Statistics (ABS) show that the property market appears to be improving, the REIV said it is still too early to call it a recovery.
"Whilst the forward projection of auction volumes suggests the market is continuing to slowly improve, this will not be clear until the REIV has the results from the 1,770 auctions scheduled for February," it commented.
The latest ABS Index of Established House Prices showed property values increased 1.6 per cent in the December quarter - the strongest quarterly growth in the index in almost three years.