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PPG_Blog_March_image 3_strong auction market

Auctions started strongly in 2017 with 3,214 auctions held in February, the highest February on record. The local government areas of Glen Eira (179 auctions), Boroondara (162 auctions), Kingston (156 auctions) and Stonnington (153 auctions) had the highest number of auctions in February 2017, with all but Glen Eira reporting a clearance rate of over 80 per cent.

There were about 39,200 auctions held in Victoria in the last 12 months with 75.6 per cent selling. The middle Melbourne region recorded the highest number of properties sold by auction in the past 12 months, with around 11,950 sales, and a clearance rate of 77.8 per cent.

At the suburb level, Reservoir had the most auctions for the month, with 40 auctions held in February 2017 followed by St Kilda (38), Richmond (34), Epping (32) and Hoppers Crossing (31). Reservoir (33 sales), Epping (29 sales) and St Kilda (28 sales) had the highest number of properties sold by auction in February.

Thomastown and Williamstown had the highest clearance rates in February, with clearance rates of 100 per cent and 96 per cent respectively.

Information courtesy of the REIV

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