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Real estate under the hammer in Melbourne

Real estate under the hammer in Melbourne

Figures from the Real Estate Institute of Victoria showed a 30 per cent increase in the amount of homes sold through auction during 2010 across the Melbourne real estate markets.

While last weekends' auctions only resulted in a clearance rate of 66 per cent industry insiders are confident that the market is in a healthy state for sales activity growth in the months ahead.

Experts will be paying close attention to the results over the next three weeks as more than 2500 properties are scheduled to go under the hammer, most believe clearance rates will hover around the mid 60's.

Once the results have been gathered the future direction of the market will be more certain but for the moment it seems there is a good balance between new property coming to market and prospective homebuyers in attendance.

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Published: 18-Feb-11

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