Australia on the brink of auction record

Australia on the brink of auction record

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Melbourne is about to have the biggest auction weekend in the nation’s history.

The city has 1,810 auctions scheduled for this weekend – 1,735 on Saturday and 75 on Sunday, according to the Real Estate Institute of Victoria (REIV).

That would break the previous national record of 1,740, which was set on 25-26 October 2014.

November is also set to be the biggest month in Victoria’s auction history.

The REIV said the state is on track for about 5,800 auctions, which would break the previous record set in November 2014, when more than 5,300 homes went under the hammer.

REIV chief executive Enzo Raimondo said this has been a remarkable year for the state’s property sector, particularly in Melbourne.

Mr Raimondo said that more homes have gone to auction than ever before: 37,700 across the state in the year to 23 November, which is up five per cent on the same period last year.

Auctions in outer suburbs, previously the domain of private sales, have continued to grow, following a trend that began in mid-2014, according to Mr Raimondo.

“Victoria’s buoyant property market has recorded solid price growth over the past year, with buyer demand and record low interest rates encouraging more vendors to sell their homes at auction,” he said.

“High auction numbers are creating unparalleled opportunities for buyers, with multiple auctions held in more than 300 Melbourne suburbs over the month of November.”

He added: “Melbourne property buyers are currently spoiled for choice, with high auction numbers forecast until mid-December.”

[LinkedIn: Which generally drives a better result – auction or private treaty?]

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