Melbourne enjoys spring auction boom
Melbourne's residential property sector continues to show promising signs of a recovery, with an influx of dwellings flooding the auction market this weekend (November 10-11).
According to the Real Estate Institute of Victoria (REIV), 790 properties are set to go under the hammer this weekend, continuing the state's strong spring performance.
"Up to this weekend, the year to date clearance rate was 61 per cent compared to 60 per cent last year and 76 per cent in 2010," the REIV said in its auction preview for November 10 and 11.
"After taking this into consideration, the incremental improvements in the clearance rate over the past few months the market is now showing solid foundations for 2013."
This weekend last year 824 properties went to auction, recording a clearance rate of 51 per cent. In comparison, during the same period in 2010, 921 went to auction with a clearance rate of 59 per cent.
House hunters planning on hitting the auction trail this weekend may be interested in checking out residential real estate in Richmond, South Yarra and Reservoir, with 14 or more auctions scheduled in each suburb.
The spring auction boom is set to continue into November, with almost 1,000 expected next weekend (November 16-17).