Residential property auctions boom in Melbourne
The Melbourne residential property market is showing signs of an up-turn, with the weekend (October 6 -7) auction results showing increasing confidence in the sector.
According to the Real Estate Institute of Victoria (REIV) auction results, 497 properties went under the hammer, recording a clearance rate of 66 per cent - up from 51 per cent during the same weekend last year.
"This is a clear sign of an improving market," REIV chief executive officer Enzo Raimondo said.
Out of the 497 auctions that took place around the Victorian capital, 330 sold, with 167 being passed and 104 of those on a vendor bid.
The priciest home to be sold was a Hawthorn property that fetched $2.67 million, followed by a piece of real estate in Brighton East that sold for $1.611 million.
In comparison, a number of savvy buyers snapped up bargain purchases across the city including the new homeowner of a $263,000 house in Doveton.
Mr Raimondo said the real estate sector was certainly picking up across the state, with a surge of auction listings scheduled for the rest of the month.
"The month of October features a significant increase in the volume of auctions, with 3,070 expected to be held, compared to 2,368 in September," Mr Raimondo said.
"This will provide buyers with more choice and continuing good buying opportunities, especially as interest rates have been reduced and prices remain below their peak."