Northcote is Melbourne's busiest auction suburb this weekend

Northcote is Melbourne's busiest auction suburb this weekend
Northcote is Melbourne's busiest auction suburb this weekend

The REIV is expecting about 150 auctions in 102 suburbs this week. 

Down on 188 auctions held last week, excluding the 24 that were postponed and the 66 that were withdrawn.

This week last year saw 529 auctions.

The top auction suburb in Melbourne this week are Northcote with 7 auctions. South Morang, Craigieburn, Preston and Pascoe Vale follow, each with 4 listings.

In contrast, Sydney auctions volumes are trending higher. 713 auctions are scheduled across the city this week, a 11% rise on last week’s volumes (640) and 59% higher than scheduled volumes from one year ago (446). This week’s auction volume is set to be the highest for Sydney since the first week of April.

Across the smaller auction markets, Adelaide is the only market expected to see a rise in auctions held over the week, with Brisbane and Canberra set to host fewer auctions and Perth volumes are to remain steady. Tasmania has one scheduled auction this week.

There are 1,085 homes scheduled for auction across the combined capital cities this week, down slightly on the 1,150 auctions last week and lower than the 1,228 last year.

Northcote is Melbourne's busiest auction suburb this weekend

Despite restrictions in Victoria, August’s auction results have remained steady after a record July Ray White.

This week Victorians face the first full week of Stage Four restrictions in which online auctions from anywhere but the auctioneers’ homes have been banned.

However, Ray White Victoria offices have entered the week on a high after recording an 80 per cent auction day clearance rate last weekend. Ray White auctions in Melbourne also attracted an average of 4.5 registered bidders, proving that buyer confidence is hard to rattle.

Ray White Cheltenham Director Kevin Chokshi is set to auction off 5 Gilford Grove (pictured in title).

Mr Chokshi said houses in the tightly-held Pennydale Estate of Cheltenham have always done well with buyers.

“It’s a really highly sought after pocket of Cheltenham and the sellers have maintained the house really well including repainting, refurbishment and styling for sale,” Mr Chokshi said.

Meanwhile, 7 Bishop Avenue, Diamond Creek is also set to sell successfully under the hammer through Ray White Diamond Creek Director Narelle King. The auction will be called by Ray White Victoria Chief Auctioneer Matthew Condon.

Tags: 
Auctions Melbourne

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