Spring selling season closes with a bang
As the spring selling season draws to a close, the residential property auction market continues to boom in Melbourne, with another big weekend expected in the city.
The Real Estate Institute of Victoria (REIV) is anticipating 950 auctions over the next two days (December 1 -2), with volumes continuing to hover around the 1,000 mark over the next fortnight.
The high number of dwellings going to auction could be seen as an indication that confidence is returning to the real estate market amid favourable conditions for buyers and sellers alike.
Last weekend saw 914 properties go under the hammer in Melbourne, recording a clearance rate of 61 per cent.
"The auction market has been very consistent over the spring selling season with the lowest clearance rate of 58 per cent being recorded and a high of 64 per cent," the REIV stated.
"The year to date clearance rate is 61 per cent."
For those hitting the auction trail this weekend, the largest numbers of properties are expected in Richmond, followed by Hawthorn, Reservoir and Brighton.
During the same weekend last weekend, a clearance rate of 52 per cent was recorded from 766 auctions, while in 2010 a 60 per cent clearance rates was recorded from 1,071 auctions.