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October 24, 2010 / realestatetrainingau

Auction clearance weekend in Victoria!

The impact of sport on the industry should not be underestimated – especially in Victoria! A flurry of wild weekend auction activity was predicted for this past weekend. Melbourne did not disappoint.

Dubbed “Super Saturday” with the number of auction listings variously reported at well over 1,000. Reports suggest up to 90% of those auctions occurred on Saturday, with the remainder held on Sunday. For those north of the border, Sunday auctions are rare! It seems the “day of rest” does not apply when property is for sale.

The frenzy of listings was the result of a limited number of weekend selling days free of other public events like the grand final and the spring racing carnival.

Australian Property Monitors numbers show a clearance rate of 66.2% from 1100 auctions.  REIV figures are quoting 68% from 1031 auctions – but then, not all agents are members of the REIV.

On the same weekend last year 77% of the 943 listings sold. Next weekend there will be around 430 auctions.

By comparison, in Sydney, clearance rates hit a 52-week low with just 56 per cent of 501 homes listed sold at auction.

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