Melbourne’s reputation as the auction capital of the world remains intact with a record number of homes going to auction and selling under the hammer in 2017.
REIV data shows more than 17,630 homes were auctioned in Melbourne in the first six months of the year – smashing the previous record set in 2014 when 16,654 auctions were held.
Of those that went to auction, a record-breaking 13,980 homes sold under the hammer, seven per cent more than in 2015 when 13,092 sold.
REIV Acting President Richard Simpson said 2017 is shaping up to be the biggest on record with the current 79 per cent clearance rate on par with 2015 and 2010 – both of which were notable years for price growth.
“It’s been a remarkable year for the state’s property sector, particularly in Melbourne, with more homes going to auction than ever before,” he said.
“Solid price growth has been recorded across the city this year, driven by strong buyer demand and unprecedented population increases.
“This year also marks the first time we’ve seen more than 10,000 auctions held in metropolitan Melbourne in the June quarter.”
Mr Simpson added that auction volumes and sales were also up statewide with more than 1,400 homes going under the hammer in regional Victoria in the first half of the year – more than 840 of which were in the June quarter.
“Competition for homes is boosting auction activity in areas which have traditionally been known for private sales, such as regional Victoria and the city’s outer suburbs.
“New auction hot spots are experiencing strong results under the hammer with a high level of buyer and vendor confidence in the market.”
“Victoria’s buoyant property market continues to perform strongly, however the clearance rate is likely to soften slightly as winter progresses.”
Information courtesy of REIV
