During the week ending 8th May there were 1019 auctions reported across Victoria, according to REIV data – a slight decrease from the 1204 reported during the previous week. The auction clearance rate for last week reached 81%.
632 homes were sold at auction, while 192 sold before auction, with 195 passed in. 30 properties were withdrawn from sale.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 110 auctions were reported for the same week a year ago.
While the pace of growth in the housing market has eased slightly since peaking during March, record low interest rates continue to be “a major tailwind for upward pressure on housing market values”, according to analysis by Corelogic.
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