Melbourne has always been considered the property auction capital of Australia, and this weekend’s super Saturday of auctions did not disappoint.
According to the REIV a clearance rate of 75 per cent was recorded compared to 70 per cent last weekend and 72 per cent this weekend last year.
There were 1105 auctions reported to the REIV this weekend, with 831 selling and 274 being passed in, 148 of those on a vendor bid.
Next weekend the REIV expects around 1,290 auctions.
With over 1,000 homes having already been sold by auction this year the Melbourne property market is off to a solid start.
However what is more interesting is the significant shift back to optioning properties now that the market has turned.
Robert LaRocco explained this trend here in his blog last week.
The Age showed the trend more graphically below.
As you can see, last year, one in three homes sold was auctioned. This compared with one in five auctioned the previous year, down from one in four in 2010.
SUBSCRIBE & DON'T MISS A SINGLE EPISODE OF MICHAEL YARDNEY'S PODCAST
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
NEED HELP LISTENING TO MICHAEL YARDNEY'S PODCAST FROM YOUR PHONE OR TABLET?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
PREFER TO SUBSCRIBE VIA EMAIL?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.