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Super Saturday Clearance

PPG_Blog_October_image 10_super spring market

With 1053 auctions reported to the Real Estate Institute of Victoria last weekend the market took off with an encouraging bang! The clearance rate reached a positive 66% compared to 60% the weekend before. Even more heartening is the fact that 12 months ago the clearance rate was just 50%, and from only 423 auctions. In fact, Melbourne has not experienced such a high number of auctions in a single weekend since December 2010.

According to further REIV data there has been a 9% increase in residential transaction volumes at auction this spring based on the same time last year. REIV spokesperson Robert Larocca said, “Each month since June, the clearance rate has edged up by a percentage point or two and last weekend shows that was actually a reflection of improving confidence, sentiment and demand in the market.”

A healthy cross section of housing types and sizes went under the hammer including many top-quality homes, with a high number of auctions attracting between three and six keen bidders. The greater interest and higher than expected clearance rate is a strong indication of increased buyer depth, which in turn bodes well for price growth. The top selling property at auction was in Kew, it fetched just shy of $4 million. The total sales volume from auctions was just over $580 million whilst private sales reached $246 million from a recoded 512 sales.

This coming weekend (Melbourne Cup) there are just 160 auctions scheduled across Melbourne. However, the market is set to heat up again the following weekend

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