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PPG_Blog_July_image 6_auction market wrap up

June marked the third consecutive month of improving clearance rates with an average clearance rate of 71 per cent from 2,854 auctions in Victoria. This is higher than the 10-year average of 2,366 auctions but is lower than the 3,112 auctions held last year due to one fewer weekend.

The weekly average number of auctions, however, is higher than last year with 714 auctions per week compared to 622 per week last year.

There were 2,599 auctions held in Melbourne, which also recorded an clearance rate of 71 per cent.

Including the month of June, there have been more than 18,000 auctions since the beginning of the year with an average clearance rate of 71 per cent.

This is about 28 per cent higher than this time last year and is also the highest on record over this six-month period. The previous record was 16,070 auctions held in the first six months of 2010.

The highest number of auction sales in Victoria for the month of June

2014 were in Richmond (30 sales), Glen iris (29 sales), Mount Waverley

(28 sales), Doncaster East (26 sales), and Glen Waverley (26 sales).

Suburbs with the highest clearance rate were Brighton East and Surrey

Hills, which recorded a 100 per cent clearance rate.

Information courtesy of the REIV. The REIV continues to receive results several weeks after the date of auction with may lead to revisions in the tops auction suburbs.

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