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Wealthy suburban auctions slowed due to school holidays

Fewer houses are going up for auction this weekend in the wealthy suburbs of Victoria due to the school holidays.
<p $$hash="6245-0"><span $$hash="6244-0">This weekend’s auctions in Victoria will see fewer homes in the more wealthy suburbs, as people in this area are distracted by the school holidays.

<p $$hash="6329-0"><span $$hash="6328-0">The Real Estate Institute of Victoria (REIV) said that typically there are fewer auctions in these areas while the school holidays are on. It says that, in 2012, auctions dropped by 68 per cent in the more wealthy inner east and inner southern suburbs.

REIV expects that this weekend there will be 560 houses going up for auction, with Richmond being the area where there is the most.

<p $$hash="6303-0"><span $$hash="6302-0">Last weekend, the auctions saw a 63 per cent clearance rate of 467 homes.

<p $$hash="6301-0"><span $$hash="6300-0">Economists have been looking to the auction weekends in Victoria and also those in Sydney to give an insight into how the property market is performing.

<p $$hash="6299-0"><span $$hash="6298-0">Recently, high clearance rates from auction weekends have suggested that consumers are feeling confident about buying at the moment.

<p $$hash="6297-0"><span $$hash="6296-0">This has helped to encourage the construction industry too, as new dwelling approvals grew by 3.1 per cent in February.

<p $$hash="6279-0"><span $$hash="6327-0">Posted by Steve Douglas

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