Melbourne spring auctions heat up
Melburnians will have more residential choices over the coming weeks, with an influx of stock flooding the auction market.
According to the Real Estate Institute of Victoria (REIV), 733 dwellings went under the hammer last weekend (November 10-11), recording a 60 per cent clearance rate compared to 51 per cent the same period the year before.
The priciest home to sell over the weekend was a Brighton residence for $2.35 million, while a luxury apartment in Port Melbourne sold for $1.2 million.
In comparison, one savvy buyer picked up a Coolaroo house for $240,000 and another bargain shopper snapped up a Dandenong apartment for $192,000.
REIV chief executive officer Enzo Raimondo said house hunters planning to hit the auction trail would see a surge of properties on the market in the lead-up to Christmas.
"Buyers will welcome the increase in stock and the choice of homes over the next few weeks with the market entering the last weeks of the spring selling season," Mr Raimondo explained.
Next weekend will see 980 auctions take place around the Victorian capital, with the following weeks expecting figures around the 1,000 mark.