Last weekend: 585 auctions, clearance rate of 64 percent
This weekend last year: 292 auctions, clearance rate of 82 percent
This weekend 2008: 397 auctions, clearance rate of 66 percent
Comment
Last weekend saw an increase in the number of auctions in Melbourne with 57 per cent more homes sold compared to the same weekend last year.
Despite a clearance rate of 64 per cent, last weekend’s results indicate a strong market for the winter period as the mid 60s result is directly attributable to a comparable increase in stock levels.
It appears that the current high volumes will continue with 60 per cent more auctions scheduled in total over the next three weeks compared to the same period last year.
This trend indicates that the residential market is much more balanced, with purchasers less likely to be confronted with homes selling for unexpected prices; the best conditions buyer’s have seen in the last 18 months.
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