Melbourne auction market setting records
With the first five months of 2014 almost complete, it is worth noting that a large number of auction records have been broken in the Melbourne.
- Highest volume of auctions ever
Taking into account the expected auctions this week there have been around 16,236 auctions already held this year which is 30% more than the previous high in 2010.
- Most 1,000 plus weeks ever
Once the planned auctions scheduled for this week are held, there will have been 10 weeks in the year when the volume has exceeded 1,000. This is more than three times the record of three weeks in 2010.
- Most consecutive weeks over 1,000
Never before has Melbourne seen two or even three consecutive weeks with over 1,000 auctions before June.
- Single week record for auctions prior to June
Melbourne has broken the 1,294 auction recorded three times this year including the peak of 1,530 in the week ending on 13 April.
- Most homes sold by auction prior to June
Even if there are no homes sold at auction this week, the number sold by auction will have been reached a record high. The previous record of 9,758 from 2010 will probably be exceeded by around 1,000.
These records are impressive as they show a healthy market but they don’t mean that it has been just a sellers market. Around one third of homes offered at auction have been passed in as the vendors expectations have not been matched by the market on the day.
Photo courtesy of Beau Giles/Flickr/Creative Commons.