A record number of properties went under the hammer this past weekend, with over a thousand homes on auction in Victoria.
According to the Real Estate Institute of Victoria (REIV), the market hasn’t seen so many properties on auction since the end of 2010.
CEO of the REIV, Enzo Raimondo, said the result suggested a healthy outlook for the property market.
“The clearance rate recorded on the weekend with the highest number of auctions held this year was 66 per cent compared to 60 per cent last weekend and 50 per cent on this weekend last year,” Mr Raimondo said.
“This is a very healthy result, especially when compared to this time last year and given the high number of auctions.
“A further sign of the improving sentiment is the increase in residential transaction volumes this spring, with around nine per cent more auctions being held than at the same time last year.”
Sydney recorded over 600 total auctions, which CEO of the Real Estate Institute of New South Wales (REINSW) Tim McKibbin said was one of the busiest weekends this year.
“This weekend was expected to be one of the biggest in terms of the volume of properties scheduled to go to auction. 608 properties went reported, with 377 selling and 231 passing in for a clearance rate of 62 per cent.
“We have seen the market continue to gain momentum and strengthen so far this spring, and continued positive results are bringing about confidence amongst home buyers,” he said.
According to Australian Property Monitors (APM), the volume of properties was significantly lower than those reported by the institutes.
APM figures suggest that 324 properties in Sydney were put to auction for a clearance rate of 68 per cent, while just 433 went under the hammer in Melbourne, with a clearance rate of 65 per cent.