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Victorian property has a strong May

The colder weather has not been deterring home buyers from Victoria.

The property market in Victoria has had a successful month, with weekend auctions continuing to prove popular.

According to the Real Estate Institute of Victoria (REIV), the overall clearance rate for the month was 70 per cent from a total of 2,848 auctions. Compared to May 2012, this is a ten per cent increase.

These results show that, even though the weather has been getting colder, consumers have not been deterred from the property market.

In fact, interest in the market has increased, with the clearance rate rising by two percentage points compared to March and April.

Across the year so far, the property market in Victoria has been performing particularly well, having seen clearance rates exceed 70 per cent regularly. At the start of the year, REIV noted that rates like these are usually rare.

This weekend, REIV expects to see 740 properties going up for auction. Over the last two years, the clearance rate on this weekend has stayed at 56 per cent.

Posted by Craig Francis

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