Biggest Weekend For Auctions In Two Years

Biggest Weekend for Auctions in Two Years

The REIV is expecting around 1,110 auctions this weekend, making it the busiest weekend for the city's auctioneers in over two years.

REIV CEO Enzo Raimondo said that there were more auctions on this weekend than any weekend since the 15th and 16th of March in 2008, when there were 1,351 auctions and a clearance rate of 67 per cent.

"The local residential auction market has been in a very stable state for the past few months, with around two out of every three homes offered at auction selling.

"Buyers have had a particularly good opportunity over this time and we expect that to remain the case this weekend. This weekend has the best conditions for buyers this year.

"This year there have been 24,240 auctions held, with 74.3 per cent (18,010) selling. The combined value of those sales is $13.2B, a record for Melbourne at this time of the year.

"Overall, the market is balanced and healthy this year. This time last year there had been 15,664 auctions held, with 81.4 per cent (12,751) homes selling at auction," Mr Raimondo concluded.

Top 10 suburbs for auctions this weekend


Suburb Auctions This Weekend YTD Clearance Rate
BRIGHTON 38 69.7%
RICHMOND 23 84.2%
PORT MELBOURNE 21 67.2%
BALWYN NORTH 18 77.0%
TOORAK 17 73.8%
ST KILDA EAST 16 89.9%
KEW 15 77.0%
BENTLEIGH 14 76.1%
MALVERN EAST 14 79.4%
CHELTENHAM 13 75.5%


MEDIA COMMENT:
Robert Larocca, 9205 6622 or 0409 198 350

SOURCE: REIV