Record auction weekend looms

The Victorian property market is gearing up for what could be the biggest auction weekend in the state’s history with around 1,900 homes expected to go under the hammer this weekend. 

The previous record for auctions held in a single weekend was set in November 2015 when 1,712 auctions were held.

A remarkable 1,826 auctions are scheduled for this Saturday alone with around 75 auctions being held on Sunday, including the five Block properties. 

In total, 1,935 homes will go to auction this week with high auction volumes in Camberwell (29 auctions), South Yarra (24), Reservoir (23), and Brunswick (21). 

REIV President Richard Simpson said 2017 has been one for the ages with multiple auction records broken. 

“More homes have sold at auction this year than ever before; with the current year-to-date clearance rate of 78 per cent suggesting that demand continues to outstrip supply across the city.”

“While the spring auction market has been relatively moderate compared to the past few years, this weekend will go close to experiencing the highest ever volumes for a single weekend.”

“High auction numbers offer buyers plenty of opportunities to enter the market before the Melbourne Cup long weekend with multiple auctions being held in more than 300 suburbs across the state.”

“Victoria’s property market remains buoyant with the median house price increasing by 14 per cent over the past year to $817,000.”

“The apartment sector has also performed strongly with the median price rising by just over nine per cent on the same period last year to $587,000.”

TOP AUCTION SUBURBS THIS WEEK