Victoria to have biggest auction weekend in seven months
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Sep 19, 2019
Victoria to have biggest auction weekend in seven months
With more than 1000 auctions planned across the state, Victoria’s property market is jumping into spring
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Jas Stephens33 Ovens Street, Yarraville is one of the many properties going up for auction this weekend.
Victoria is set to have its biggest auction weekend in at least seven months, with more than 1000 auctions planned as the state’s property market basks in some spring sunshine.
REIV Chief Executive Officer Gil King said 1060 properties are expected to go under the hammer this weekend, the most since February this year.
“We have now had 13 consecutive weeks of auction clearance rates above 70 per cent,” said Mr King.
At a glance:
• There have been 13 consecutive weeks of auction clearance rates about 70 per cent.
• At the same time last year the clearance rate was 57 per cent.
• The last six weeks has seen clearance rates about 75 per cent.
“The past six weeks have seen clearance rates above 75 per cent, with a 76 per cent clearance rate achieved last week. At the same time last year, the clearance rate was 57 per cent.
“With so many properties under the hammer, we’re looking forward to an exciting weekend.”
The most popular auction locations this weekend include:
· Richmond (20 auctions)
· Reservoir (15)
· Pascoe Vale (14)
· Camberwell (13)
· Doncaster East (12)
· Malvern East (11), Greenvale and Bentleigh East (11)
· Mill Park, Yarraville and Brighton East (10 each), and
· Cheltenham, Port Melbourne, Brighton, Northcote, Greensborough, St Kilda, Caulfield North, Mount Waverley and Broadmeadows (nine each).
“There is a great mix of properties across Melbourne in this weekend’s auctions, and that should attract many buyers,” Mr King said.
Mr King said several factors are behind the market resurgence in Victoria.
“We have record low interest rates, and the Australian Prudential Regulation Authority has just relaxed its mortgage lending guidelines for banks, and that is attracting buyers back to the market,” said Mr King.
“The latest REIV Days on Market Data shows that properties in metropolitan Melbourne were on the market for a median period of 34 days before they sold – the lowest result in more than a year.
"This backs up our observation that buyers are keen but vendors have, until now, been a little reticent to go to market following the correction earlier this year. We believe the large number of auctions this weekend is another strong sign of market recovery.”
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