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70% of Victorian homes sell at auction

The average weekend housing auction clearance rate for Victoria is now 70 per cent.

With high consumer interest across weekend auctions, the average clearance rate for homes that go up for bidding in Victoria is now 70 per cent.

This is according to the Real Estate Institute of Victoria (REIV), who also reported a 70 per cent clearance rate for last weekend. The result for the weekend following the Queen's birthday was higher than in the last two years, when the clearance rate was 65 per cent in 2012 and only 53 per cent in 2011.

A total of 740 properties are due to go up for auction this weekend, which is an increase on the previous year when 618 homes went to bidding and a clearance rate of 56 per cent was achieved.

In both Victoria and in Sydney, property experts are saying that the performance of the property market is comparable to if not better than that of the housing boom of 2010.

Posted by Steve Douglas

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