MELBOURNE’S auction market posted its strongest performance in more than two years on Saturday, bolstering claims that the city’s property slump is ending.
The Real Estate Institute of Victoria said the clearance rate was 73 per cent for the 851 auction results reported to the industry group. The outcome of another 53 scheduled sales were not reported.
”It’s a great result after two slow years,” REIV spokesman Robert Larocca said. ”There can be no doubt the improving trend that started last year has continued this year.”
On the same weekend in 2012, only 57 per cent of properties put under the hammer sold. The sales rate was 63 per cent in 2011.
The strong result has come despite the number of auctions nearly doubling in the course of a single week, with industry operators saying home owners are now trying to take advantage of improving buyer interest.
Hocking Stuart director Robert Elsom, whose agency sold 83 of the 103 properties it auctioned on Saturday, said both buyers and sellers ”seemed to be in a lot better mood. They know the market has bottomed out – that it’s time to trade again.”
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