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Melbourne Auction Market Shows No Sign Of Slowing

Melbourne is gearing up for the biggest auction weekend so far this year with more than 1,500 homes set to go under the hammer. 

Buyers will be spoilt for choice with more than 1,420 homes in 341 suburbs going to auction on Saturday alone.  

REIV President Joseph Walton said the 2017 auction market is one of the strongest in recent years with volumes up 13 per cent on the same period last year. 

“Multiple auction records fell in February when more than 3,200 homes went to auction and close to 2,570 sold under the hammer,” he said. 

“High auction volumes have continued throughout March with the current clearance rate of 79 per cent signalling ongoing buyer and vendor confidence.”

Mr Walton added that the solid start to the year followed the strongest December in the state’s history – in terms of both auction volumes and sales. 

“The 2016 auction market remained buoyant right up until Christmas eve with low interest rates and high clearance rates encouraging more vendors to sell their homes well after the traditional spring selling season.”

After this weekend more than 7,580 homes would have been auctioned this year, up from 6719 for the same period in 2016.

A further 1,000 auctions are scheduled next weekend.