Melbourne sets new auction record for August
A record 1,120 auctions are slated for Melbourne this weekend, breaking the previous record of 1,030 auctions set in the second week in August.
Some 810 auctions were held on the same weekend last year.
Real Estate Institute of Victoria CEO Enzo Raimondo said clearance rates in suburbs such as Bayswater, Dingley Village and Wantirna, have been recorded well above 90%.
“But strong clearance rates and high auction numbers in Melbourne’s middle and outer suburbs show that buyers are increasingly seeking value, and space, in the more affordable areas," he said.
“The heightened demand for homes in these locations is driving a push towards more auctions, with vendors benefiting from strong competition on auction day.”
Melbourne’s top auction suburbs in the year-to-date:
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Suburb | Total Auctions | Sold at Auction | Clearance Rates |
387 | 277 | 72% | |
GLEN WAVERLEY | 306 | 244 | 80% |
RICHMOND | 298 | 241 | 81% |
285 | 211 | 74% | |
MOUNT WAVERLEY | 279 | 240 | 86% |
Suburbs with the highest clearance rates in the year-to-date:
Suburb | Total Auctions | Sold at Auction | Clearance Rates |
BAYSWATER | 51 | 49 | 96% |
64 | 61 | 95% | |
WANTIRNA | 100 | 95 | 95% |
HEATHMONT | 59 | 56 | 95% |
VERMONT SOUTH | 84 | 79 | 94% |