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Hundreds of homes likely to sell by auction this weekend

On Apr 12 2013
Tagged as:
  • Residential Property


The Real Estate Institute of Victoria is expecting around 560 auctions this weekend (April 13 and ...

The Real Estate Institute of Victoria is expecting around 560 auctions this weekend (April 13 and 14).

School holidays in the area have historically led to fewer auctions in the inner east and inner southern suburbs, with a 68 per cent reduction in these areas last year, and a 40-48 per cent decrease in 2011.

As the rate of residential property auctions cools down with the weather, the institute is expecting a lower volume of this kind of sale, though not necessarily with lower clearance rates.

Last weekend's 467 auctions in the state had a clearance rate of 63 per cent.

Selling a house by auction is a popular method for Australian homeowners, and a successful sale is often as dependent on the area and type of property as it is on the particulars of the sale.

The institute's chief executive Enzo Raimondo said that auctions are typically the most popular in inner city suburbs.

One of the best ways of deciding if an auction is right for you is by researching real estate market conditions and buying trends in your area, and talking to a real estate agent about your options.



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