REIV anticipates biggest ever weekend for Melbourne auctions
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Oct 26, 2017
REIV anticipates biggest ever weekend for Melbourne auctions
The Victorian property market is gearing up for what could be the biggest auction weekend in the state’s history, with around 1,900 homes expected to go under the hammer.
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Photo by Jesse Roberts on Unsplash
The Victorian property market is gearing up for what could be the biggest auction weekend in the state’s history, with around 1,900 homes expected to go under the hammer.
The previous record for auctions held in a single weekend was set in November 2015 when 1,712 auctions were held.
A remarkable 1,826 auctions are scheduled for this Saturday, with around 75 auctions being held on Sunday, including the five Block properties, according to the REIV.
Related content: Greville Pabst on what you can learn from The Block
REIV President Richard Simpson says 2017 has been a record-breaking year for Melbourne auctions.
“More homes have sold at auction this year than ever before; with the current year-to-date clearance rate of 78 per cent suggesting that demand continues to outstrip supply across the city," he said.
“Victoria’s property market remains buoyant with the median house price increasing by 14 per cent over the past year to $817,000," said Simpson.
“The apartment sector has also performed strongly with the median price rising by just over nine per cent on the same period last year to $587,000.”
Melbourne's auction market highlights
Biggest auction weekends in Victoria's history
- 18/19 Nov 2015 – 1,712 auctions
- 25/ 26 Oct 2014 – 1,659 auctions
- 19/20 Mar 2016 – 1,626 auctions
- 24/25 Oct 2015 –1,517 auctions
- 5/6 Dec 2015 – 1,505 auctions
- 6/ 7 Dec 2014 –1,504 auctions
- 12/13 Dec 2015 –1,499 auctions
Biggest auction weeks in Victoria's history
- Week ending 19 Nov 2015 – 1754 auctions
- Week ending 26 Oct 2014 – 1677 auctions
- Week ending 20 Mar 2016 – 1671 auctions
- Week ending 25 Oct 2015 – 1551 auctions
- Week ending 6 Dec 2015 – 1539 auctions
- Week ending 13 Dec 2015 – 1543 auctions
- Week ending 7 Dec 2014 – 1531 auctions
Records broken this year
- February 2017: Highest auction volumes and sales
- March 2017: Highest auction sales
- April 2017: Highest auction volumes and sales
- June 2017: Highest auction volumes and sales
- July 2017: Highest auction volumes and sales
Read more about the Melbourne auction market:
Melbourne gets set for biggest auction weekend in 18 months
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