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Melbourne beckons property buyers

On Mar 01 2013
Tagged as:
  • VIC

Those looking at buying a house in Melbourne may welcome news that the city's residential ...

Those looking at buying a house in Melbourne may welcome news that the city's residential property market is improving, according to the latest auction results.

Last weekend (February 23-24), 938 dwellings went under the hammer in the Victorian capital, recording a clearance rate of 72 per cent.

And conditions are expected to continue improving, with the Real Estate Institute of Victoria (REIV) forecasting 970 auctions over the next two days (March 2-3).

"[Initial] results for February confirm the improvement in the market. The clearance rate for the month was 70 per cent compared to 66 per cent in 2011 and 62 per cent last year," the REIV stated.

The real estate body went on to say that while these figures are still below the peaks experienced in 2010, sellers can expect to see better conditions in the market.

"Vendors with homes for auction this weekend will have improved confidence following last weekend’s healthy outcome," it added.

For those looking at buying a property in Melbourne, the highest number of auctions will be found in Port Melbourne, Richmond and St Kilda over the weekend.

The REIV forecasts just 200 auctions next weekend, however, volumes will rise to 890 the following weekend and to more than 1,100 later in the month.

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