Auction activity continues to rise following seasonal downturn

Date: 11 Feb 19

Melbourne was the busiest auction market this week, in terms of volumes with 352 auctions held across the city, returning a preliminary auction clearance rate of 53.7 per cent. 

At the same last year, 70.7 per cent of homes were sold, reflecting the city's higher volumes.

Real Estate Institute of Victoria CEO Gil King said there were some bright spots for the market.

"The preliminary auction results show there were 237 auctions held last week, fewer than half the number held during the same week last year," he said.

“That said, Cheltenham, Mill Park and Reservoir all had a fantastic auction weekend, with a 100 per cent clearance rate from four auctions in each suburb.”

Click here to read the full article on The Real Estate Conversation.