The week ending 1st May saw an increase in the volume of auctions listed compared with the previous week. According to REIV data, 970 auctions were reported across Victoria and a clearance rate of 81% was achieved.
609 homes were sold at auction while 179 sold before auction, with 182 passed in. 32 properties were withdrawn from sale.
Data for the same period in 2020 is limited due to the onset of the pandemic. However, the REIV confirms that only 96 auctions were reported for the same week a year ago.
The enduring competition for real estate has seen a marked increase in capital growth in many suburbs across our capital cities. Just last week, the Real Estate Institute of Australia (REIA) issued a media release encouraging homeowners intent on selling to take advantage of the thriving market. REIA President, Adrian Kelly, stated that “demand is strong with buyers hungry for housing and it’s difficult to know how long the good times will last”.
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