Property market conditions improve in Melbourne
The Real Estate Institute of Victoria (REIV) has welcomed improving conditions in the residential property market after buyers appeared in droves for the weekend's (November 17th - 18th) auctions.
Just under 840 dwellings went under the hammer in Melbourne, recording a clearance rate of 64 per cent.
With 538 properties selling and 299 being passed in, the property market is showing signs of improvement as the spring season heats up.
During the same weekend last year, a clearance rate of just 49 per cent was recorded from 759 auctions.
"This time last year was the low point for the 2011 spring selling season and the result this weekend illustrates the improvement in the market this spring,"REIV chief executive officer Enzo Raimondo said.
The total volume of auctions over the two days was $392.49 million compared to $284.83 million worth of private sales.
The most expensive home to sell was an Eltham home for $3.1 million, while properties in Hawthorn, Balwyn, Kew in Brighton all fetched sale prices above $2 million.
Just under 1,000 auctions are expected in Melbourne next weekend.