Market Update – Saturday 1st & Sunday 2nd March
A clearance rate of 73 per cent was recorded this weekend compared to 73 per cent last weekend and 68 per cent this weekend last year.
There were 1217 auctions reported to the REIV, with 884 selling and 333 being passed in, 177 of those on a vendor bid.
Despite some negativity in the overall economy, Victorians still think that now is a good time to buy a home. Close to 2400 homes have been sold so far this year compared to 1800 this time last year.
This is demonstrated in the multiple bidders at auctions and a healthy average clearance rate of 70 per cent for the month of February. However, it is yet to be seen whether this will be sustained for the rest of the year.
The REIV collected 97% of auction results last weekend with a total of 1278 results including 21 postponed and 40 withdrawn.
BY: Enzo Raimondo CEO REIV