Record Number of House Auctions Scheduled for Melbourne

Spring has sprung, and real estate agents around the city are smiling.

New research released by the Real Estate Institute of Victoria this week show that in the last weekend of October, a record 1,245 auctions are scheduled to take place – breaking the previous record set in December 2003, when 1,241 properties were put to the market by auction.

“The last few years show that the fourth Saturday in October has traditionally been a big selling day and that is certainly the case for the 27th,” says REIV chief executive Enzo Raimondo. “The increase in listings is a direct result of the substantially higher demand in the property market this year.”

According to the REIV, 3,714 properties will be put to auction in October 2007, an increase of 32 per cent on the 2,817 properties put to the market in October last year.

Mr Raimondo expects a new record to be set for the number of properties sold at auction that weekend too.

“Not only are there substantially more auctions each weekend but the numbers sold are also higher with 80 per cent plus clearance rates being the norm,” said Mr Raimondo. “Last year it was generally around 70 per cent.”

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