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Spring sellers emerge in Victoria

On Sep 21 2012
Tagged as:
  • VIC


The spring auction season is heating up in Victoria, with more than 700 houses to go under the ...

The spring auction season is heating up in Victoria, with more than 700 houses to go under the hammer this weekend.

According to the Real Estate Institute of Victoria (REIV), 730 residential properties have been listed for auction, almost 80 dwellings more than the previous weekend.

Last weekend saw 654 auctions kick-off around the state, with a clearance rate of 58 per cent.

"This weekend is shaping up as the one with the highest volume of listings at auction since the end of March when there were 1016 auctions," REIV said in a statement.

This weekend last year saw 689 auctions take place, with a clearance rate of 52 per cent.

In comparison, just 65 auctions took place on the same weekend in 2010.

Bargain buyers looking to snap up an affordable piece of residential real estate should look at properties in Brighton, Camberwell and Reservoir, the REIV advised.

With more properties hitting the auction market, it looks like vendors are showing renewed confidence in the state's property sector and market trends.

"Feedback from REIV members indicates that buyers looking for a home this spring will welcome the increase in stock as overall numbers have been quite low this year, reflecting the conservative stance from sellers," the peak real estate body asserted.



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