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PPG_Blog_Dec_image 1_dash to the finish line

This year’s buoyant spring property market in Melbourne has spilled over into early summer, albeit with a slight drop in clearance rates.

With plenty of properties listed for auction in the last couple of weekends for 2013, there is plenty of choice for buyers looking to seal a deal on a new home or investment property.

As reported by the Real Estate Institute of Victoria, there have been five straight weekends with more than 1000 auctions on offer.

The REIV recorded a 66 per cent success rate from the 1237 reported auctions held in Melbourne over the weekend of December 8/9. RP Data posted a 64.1 per cent clearance rate from 1315 auctions and Australian Property Monitors (owned by Fairfax) produced a 67 per cent rate from 962 results. The REIV reported 170 properties sold before auction, 420 properties passed in – 213 of them on a vendor bid – and a further 262 results are outstanding.

The 70 per cent figure recorded last weekend by the REIV was reduced to 68 per cent after late results were counted. On this weekend last year, the clearance rate was 59 per cent.

Despite the proximity to Christmas, there is no let up on properties going to market. This weekend the REIV expects around 1610 auctions and more than 400 on the following weekend.

RP Data spokesman Robert Larocca said buyers will have the upper hand in the next two weeks.

”After an unprecedented five consecutive weekends of 1000-plus auctions, it’s no surprise the market has continued to cool, especially as the current rise in listings is outstripping the broader rise in transactions,” Mr Larocca said.

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