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Auction volumes rising in Victo...

Auction volumes rising in Victoria

Victoria is expecting to see over 100 more auctions than last weekend.

Auction volumes are on the rise in Victoria as the Real Estate Institute of Victoria (REIV) predicts over 100 more properties will go under the hammer.

This weekend, REIV says there will be 990 auctions compared to 834 auctions last weekend when the area achieved a clearance rate of 70 per cent.

Chief executive officer of REIV Enzo Raimondo explained that 4,500 auctions are currently expected during October, which puts it on par with the current record set in May 2010, but that this record could be broken yet.

He said: "With clearance rates currently averaging above 70 per cent, there is no doubt that there is a strong influx of demand in the auction market which would be good news for vendors."

So far this year, Victoria has seen successful weekend auctions even during times when volumes and clearance rates would traditionally be slowed, such as in the winter months and in school holidays.

Posted by Steve Douglas

 

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