Melbourne auction boom to continue
Following on from its bumper auction weekend earlier this month, Melbourne's residential property market is continuing down the path to recovery, with the number of houses to go under the hammer in November expected to surge.
The Real Estate Institute of Victoria (REIV) said the market would take a break over the next two days (November 3 - 4) in the lead up to Melbourne Cup, but a strong auction presence would return the following weekend.
Last weekend saw 1,128 auctions held around Melbourne, recording a clearance rate of 64 per cent - indicating consumer sentiment is growing in the real estate sector.
This weekend just 160 dwellings will go to auction, however, the figure will surge towards the 1,000 figure again this month.
"Next weekend (November 9 -10) volumes increase again with around 810 auctions and then again on the following weekend when 1,000 are expected," the REIV said on its website.
"It is interesting to note that compared to this time last year overall volumes of auctions listings are up around nine per cent. This reverses the earlier trend of low auction numbers."