Consumer confidence to drive VIC property recovery
Improving buyer confidence is the ticket to Victoria's housing recovery, according to the state's peak residential property body.
Enzo Raimondo, chief executive officer of the Real Estate Institute of Victoria (REIV), said this weekend's (February 16-17) auction results indicate consumer sentiment is on the rise.
Over the last two days, 437 properties went to auction, recording a clearance rate of 70 per cent.
Last weekend saw a clearance rate of 67 per cent, while the same period in 2012 recorded 64 per cent.
"The reported lift in consumer confidence last week will be a positive influence on the residential market over the remainder of summer and autumn," Mr Raimondo explained.
"The improved confidence is also evident in this weekend's results, which are an improvement on last year's trend."
The most expensive home to sell by auction was a Hawthorn home for $2 million, followed by a $1.6 million Balwyn North property.
By comparison, one thrifty buyer snapped up a Glenroy apartment for $239,000 - making it the cheapest sale of the weekend.
The REIV is expecting 950 auctions next weekend, with stock levels likely to steadily rise over the coming months.