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Auction market improves in the lead up to Labour Day

On Feb 11 2013
Tagged as:
  • VIC


February's auction market has started the month on solid footing, with the weekend (February 9 ...

February's auction market has started the month on solid footing, with the weekend (February 9 -10) recording healthy clearance rates in Melbourne.

According to Real Estate Institute of Victoria (REIV) data, 204 residential properties went under the hammer over the last day, with a 69 per cent clearance rate.

This was in comparison to a similar result on the previous weekend, but significantly more than the 54 per cent achieved during the same period in 2012.

Of the 204 auctions that took place around the Victorian capital, 141 sold and 63 were passed in, with 35 of those on a vendor bid.

The most expensive home to sell was a $2.55 million Brighton residence, while one savvy buyer picked up the bargain of the weekend - a $280,000 Deer Park house.

REIV chief executive officer Enzo Raimondo said while auction volumes are still currently modest, an influx of dwellings will flood the market over the coming weeks.

"Auction volumes will continue to rise between now and Labour Day (March 11), by which time the residential state of the market in 2013 will be clear," Mr Raimondo explained.

"Next weekend the REIV expects around 470 auctions followed by 970 the weekend after."



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