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Melbourne auctions back up to strength

Following a quiet weekend during the Melbourne Cup, high auction activity is back underway.

After a quiet weekend during the Melbourne Cup, auctions in the area have got back up to speed.

Australian Property Monitors (APM) reported a clearance rate of 73.1 per cent from 977 auctions, while Real Estate Institute of Victoria (REIV) noted a 68 per cent clearance rate from 1,052 auctions.

The city has continued to see high auction volumes over the spring months, APM says, while clearance rates have also been higher than usual.

According to REIV, the area has achieved an average clearance rate of 72 per cent so far this year. It also added that fewer properties are being passed onto vendor bid, demonstrating how keen consumers are to snap up a property.

Chief executive officer of REIV Enzo Raimondo said: "There is clearly an increase in the level of open competition at auctions lately and this can be measured not just through the clearance rate but also in the way the property passed in."

Posted by Ravin Chatlani

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