Bumper spring auction season forecast for Melbourne property market
Despite a slow start to spring auction season in Victoria, experts have revealed the residential property bidding war will heat up over the next few weeks, with auction numbers set to surge.
According to the Real Estate Institute of Victoria (REIV), the number of properties listed for auction is 19 per cent lower than last year.
But, the figure is set to rise noticeably, with 690 dwellings scheduled for next weekend and 750 forecast for the weekend after.
Whether consumer demand will match the spring auction season is another factor entirely.
Last weekend's auction clearance rate came in at 61 per cent from the state's 466 listings - one per cent lower than the weekend before, but significantly higher than the 55 per cent the same time the year before.
The median price for the 286 houses which sold under the hammer was $735,000 - totalling the weekend's house sales at $149,538,610.
In comparison, the average selling price of the 172 flats and apartments was $543,875 - equating to $59,193,450 in sales for the weekend.
An Armadale home was the priciest purchase, with its new owners forking out $2,350,000 for the Huntingtower Road premises.
One savvy bargain hunter picked up a Coolaroo dwelling for $267,000.