Melbourne caps off big November 2015 auction month with record Super Saturday

Melbourne caps off big November 2015 auction month with record Super Saturday
Melbourne caps off big November 2015 auction month with record Super Saturday

Close to 5,800 homes will have been auctioned this month in Melbourne in just four Super Saturday weekends, making it the biggest auction month in Victoria’s history.

The previous record was set in November last year, when more than 5,300 homes went to auction.

Capping off the month will be this final weekend, when 1,810 homes will go under the hammer, including 1,735 on the Saturday, and 75 on Sunday. This would break the previous record of 1,740 weekend auctions for the week ending October 26, 2014.

In all, 1,850 homes will go to auction this week, capping off a strong spring selling season.

REIV CEO Enzo Raimondo said it has been a remarkable year for the state’s property sector, particularly in Melbourne, in a year in which:

More homes have gone to auction than ever before: 37,700 across the state in the year to 23 November, 5% above the same period last year;

Auctions in outer suburbs, previously the domain of private sales, continued to grow, following a trend that started in mid-­2014;

The 2015 auction capital was Reservoir for the third successive year with 624 auctions;

Of the top 10 auction suburbs this year, Glen Iris recorded the highest clearance rate at 85.5%;

Croydon South, with 29 auctions, had a 100% rate.

“Victoria’s buoyant property market has recorded solid price growth over the past year with buyer demand and record low interest rates encouraging more vendors to sell their homes at auction,” Raimondo said.

“High auction numbers are creating unparalleled opportunities for buyers, with multiple auctions held in more than 300 Melbourne suburbs in November.

“Melbourne property buyers are currently spoiled for choice with high auction numbers forecast until mid-­December.”

Auction preview for week ending November 29

Last weekend 1,350 auctions (exc. 31 postponed and 45 withdrawn)
This weekend 1,850 auctions
This weekend last year    66% from 1,399 auctions

The REIV expects about 1,850 auctions in 367 suburbs this week. The top auction locations this weekend are Mount Waverley (30 auctions), St Kilda (28 auctions) and Reservoir (27 auctions).

The 1,850 auctions scheduled this week is expected to deliver a national record for auctions. 

CoreLogic RP Data have advised more than 1000 properties are scheduled to go under the hammer across Sydney this weekend.

Melbourne Property market

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