Melbourne auction market heats up
After a drop in volumes over the Easter break, Melbourne's residential property auction market ...
After a drop in volumes over the Easter break, Melbourne's residential property auction market is heating up, with this weekend (April 6-7) seeing a surge in real estate listings.
The Real Estate Institute of Victoria (REIV) is expecting 460 properties to go under the hammer over the next two days, with volumes gradually increasing over the coming weeks.
During this weekend last year, a 58 per cent clearance rate was achieved from 1,016 auctions, while in 2010, 60 per cent was recorded from 808 auctions.
Those planning to hit the auction trail may want to check out the suburb of Reservoir, with the REIV predicting 17 sales in the area this weekend, while Caulfield North and Essendon will also give buyers plentiful choice with seven properties each.
Volumes are forecast to inch towards the 1,000 mark as autumn progresses, with next weekend tipped to see 570 auctions, while 630 are expected the following weekend.
Earlier this week (April 2), the REIV released its Melbourne House Price Index (HPI), which showed an increase of 0.9 per cent in March, while its Unit Price Index rose 1.1 per cent during the same period.
The organisation's chief executive officer Enzo Raimondo said this was the sixth consecutive month the HPI increased - indicating improving conditions in the city's residential real estate sector.