REIV dampen boom talk, despite Melbourne's weekend clearance rates

Melbourne recorded a 82% auction clearance rate this  past weekend, according to the Real Estate Institute of Victoria which compared to 74% last weekend and 57% this weekend last year.

Allen's Real Estate has weighed in on the result, tweeting their report of comments from Real Estate Institute of Victoria chief Enzo Raimondo, who downplayed the notion of a property boom.

"We are definitely not in a boom,” Enzo Raimondo said.

''We are still coming off a relatively low level of transactions. This high clearance rate is a reflection of an increase in latent demand after a couple or so years of below-average transactions.''