Melbourne auction market shines
Melbourne's residential property sector continues to show positive signs of improvement, this weekend's (March 2-3) auction results suggest.
According to the Real Estate Institute of Victoria (REIV), 884 dwellings went under the hammer over the weekend, recording a 69 per cent clearance rate.
Last weekend (February 23-24), a clearance rate of 72 was achieved, while during the same period in 2011, 61 per cent was obtained.
REIV chief executive officer Enzo Raimondo said the latest results are a promising sign for the city's real estate sector, with it potentially suggesting a recovery is on the horizon.
"Auction volumes are strong at the moment with 2013 tracking 20 per cent above the ten year average," Mr Raimondo commented.
"Along with this weekend's result, this underscores the healthy improvement seen in the residential market so far this year."
The priciest home to sell over the two days was a $6.45 million South Yarra residence, followed by a $6.2 million Brighton house.
By comparison, the cheapest detached dwelling to sell was a Frankston North property for $210,000.
Mr Raimondo said the auction market would slow down next weekend, with just 200 auctions forecast.