Melbourne auction hotspots revealed
Almost 1,000 residential property auctions are forecast in Melbourne over the next two days (November 17th - 18th) - making it one of the city's biggest weekends this year.
For those planning on hitting the auction trail in the Victorian capital, the suburbs of Richmond, St Kilda and Brighton are expecting the highest volumes.
During the same weekend last year, 759 properties went under the hammer with a 49 per cent clearance rate.
In 2010, a 57 per cent clearance rate was recorded from 1,013 auctions.
"The contrast between the market this year and last year is quite stark this weekend and clearly shows improvements in demand," the Real Estate Institute of Victoria (REIV) said in its November 17 and 18 preview.
For the year to date, 22,622 dwellings have gone to auction in Melbourne, recording an overall clearance rate of 61 per cent.
"This compares to 60 per cent from 26,465 auctions this time last year and 75 per cent from 28,454 auctions in 2010.
"The overall volume of auctions may be lower than last year, but in when looking at the time since the grand final and up til the second weekend in December, there (are) eight per cent more auctions occurring," the REIV added.