Melbourne auction market gains momentum
Auction activity continues to improve in Melbourne, with almost 1,000 properties expected to go under the hammer this weekend (February 23-24).
The Real Estate Institute of Victoria (REIV)is anticipating 950 auctions over the next two days, with volumes steadily increasing as the year progresses.
Last weekend, 473 properties were auctioned across Melbourne, with a 70 per cent clearance rate.
During the same weekend last year, a 57 per cent clearance rate was obtained from 623 auctions, while in 2011, 63 per cent clearance was recorded from 749 auctions.
While more buyers and sellers appear to be emerging as the year progresses, the REIV said it is still too early to make a judgement on residential market conditions.
"At the end of this weekend we will be able to clearly determine the state of the market this year, however, that won't provide a clear indication of how the year will end," the REIV stated.
"In the past five years the weekly clearance rate has rarely been the same at the end of the year as it was at the start."
Those who are planning to hit the property trail this weekend, may be interested in visiting the suburb of Richmond, which is expecting 21 auctions including seven apartments.