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Melbourne homes up for auction

This weekend will see Melbourne have its biggest housing clearance in months.
Houses across Melbourne will go up for auction this weekend in a weekly clearance.



Real Estate Institute of Victoria (REIV) said that it expects 950 dwellings to go up for auction this weekend.


 The area with the most auctions this weekend is Richmond. There will be 21 properties going up for auction here, seven of which are apartments.



This weekend is predicted to be the biggest clearance in months, following over 70 per cent of sales last weekend.



REIV says that after this weekend it will have a clearer picture of the state of the residential property market. Analysts are uncertain about how the property market will stand up in 2013.



However, recent figures have shown that house prices have been on the rise in Melbourne.



The monthly indices for the end of January from RP Data show that unit prices in Melbourne went up by 1.08 per cent month on month. Melbourne’s house prices went up by 0.03 per cent.



Posted by Ravin Chatlani


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