Record sales result for third highest auction weekend

Date: 24 Mar 16

Last weekend’s auction bonanza has broken the record for the highest number of homes sold in a single weekend, the REIV said today. 

The biggest auction weekend of the year saw 1,667 auctions held with a record 1,004 sold under the hammer. When homes sold before and after auction are included, 1,230 homes were sold last weekend – another one for the record books.  

REIV CEO Enzo Raimondo said a solid clearance rate of 74 per cent indicated continuing strong buyer demand, especially given the volume of auctions.

“Victoria’s solid auction market should continue over the next two months, with higher numbers expected in May,” he said.

He added that the market will be lower this weekend, due to the Easter holiday.

“We’ll see around 60 auctions, then more than 550 the following weekend,” he said.

While last weekend saw record auction sales, it fell just short of the all-time record for auction numbers. The 1,667 auctions held was the third highest in the state’s history behind 28-29 November last year when 1,749 homes went to auction and 25-26 October 2014 when 1,682 homes were auctioned.