Market Update – Saturday 22nd & Sunday 23rd March 2014

A clearance rate of 75 per cent was recorded this weekend compared to 72 per cent last weekend and 67 per cent this weekend last year.

There were 892 auctions reported to the REIV this weekend, with 666 selling and 226 being passed in, 104 of those on a vendor bid.

So far this year, there have been 26% more homes sold at auction than last year – the highest in six years. The average clearance rate is 72% which is also a healthy outcome in comparison to 67% this time last year.

Some suburbs have performed exceptionally well such as Bentleigh East (93%), Highett (92%), and Kensington (91%).

Next weekend the REIV expects around 1,350 auctions which is likely to be the biggest auction weekend so far in the year.

BY:  Enzo Raimondo  CEO REIV