Media Release
The Real Estate Institute of Victoria Ltd
Telephone (03) 9205 6666
ABN 81 004 210 897
Saturday 28 November, 2009
Activity high in this weekend’s residential auction market
This is the busiest selling weekend since late April 2008 with 1,060 homes listed for auction.
REIV CEO Enzo Raimondo said that in the last 4 weekends before Christmas this year there will be
just over 3,500 auctions held, over 1,000 more than this time last year.
“The 1,060 scheduled auctions this weekend is the highest number since mid April last year and will
ensure buyers have plenty of choice.
“Sellers and buyers this weekend will face a completely different market to last year when demand fell
to the lowest point since the middle of 2004 when 51 per cent of the 861 homes offered at auction
sold.
“In accordance with the positive sentiment over the last six months the REIV expects a much stronger
result this weekend than last year. In light of the results over the past 6 months a clearance rate
around the year to date clearance rate of 81 per cent would not surprise.
“Buyers, sellers and estate agents confidence in the economy and market has done a 180 degree turn
this year. At the start of the year auction numbers were low and sellers preferred private sales.
“On a suburb by suburb basis the most auctions will be held in Toorak with 18 homes listed followed
by Essendon where there will be 17 auctions and Richmond which also has 17 auctions. In the three
popular adjacent bayside suburbs, St Kilda, Ellwood and Brighton there are 45 auctions listed.
“The following weekends will see 928 auctions on the 5/6th of December, 1,116 on the 12/13th
December and 429 the weekend before Christmas.
“The increase in stock is welcome but it does not solve the underlying issue behind recent price
increases and the ongoing low rental vacancy rate. Melbourne needs a much higher number of homes
to be built if we are to accommodate our growing population,” Mr Raimondo concluded.
Top suburbs for auctions, 28/29 November 2009
#
Suburb
Total listed
1
Toorak
18
2
Essendon
17
2
Richmond
17
3
Brighton
16
3
St Kilda
16
4
Balwyn
15
4
Bentleigh
15
4
South Yarra
15
5
Bentleigh East
14
5
Kew
14
5
Malvern East
14
Auction results will be available from early Saturday evening at www.reiv.com.au
MEDIA COMMENT:
Robert Larocca, 9205 6622 or 0409 198 350
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