Photo finish in Melbourne's bonanza auction weekend: all time REIV record looms

Melbourne’s spring market bonanza on October 24-25 is on track to challenge an auction record when 1,683 homes go under the hammer.

The majority of the auctions – 1,550 - are on Saturday.

The weekend is expected to go close to, and possibly exceed, the all-time auction record for a Melbourne weekend. The record was set on the corresponding pre-Melbourne Cup weekend last year (October 25-26) when 1,682 auctions were held.

While the number might go close to the all-time weekend auction record, it may fall just shy of the Saturday record - on October 25 last year - when more than 1,600 auctions were held.

“The high auction levels reflect the strength of the local market and continuing buyer demand for homes across the city,” REIV chief executive officer Enzo Raimondo said. 

“This level of auction activity cements the city’s reputation as Australia’s auction capital.” 

Raimondo said the strong spring season began in mid-August this year, several weeks earlier than last year, and has remained high since then.

Scheduled auctions for the Melbourne Cup weekend are the highest on record, up more than 100 over the same period last year.

The following weekend of November 7- 8 is also gearing up to be a Super Saturday.

Raimondo said these solid auction numbers follow last weekend’s strong results which had 1,080 auctions with a clearance rate of 74 per cent.

Auctions are also gaining in popularity in areas traditionally the domain of private sale. In Melbourne’s outer suburbs, numbers are up 19 per cent on the same period last year, while auction sales are up 37 per cent.

“Melbourne has some of the highest auction numbers not only in Australia, but worldwide. In the current buoyant housing market, buyer demand is encouraging more vendors to sell their home under the hammer,” Raimondo said.

 Melbourne Auction Wrap – For 24/25 October 2015 

This weekend: Total number of auctions this weekend: 1,600+ auctions

This year: Total number of auctions (to 18 Oct): 31,679 @ 77% clearance rate

Previous record auction weekend: 1,682 auctions on week ending 25-26 Oct 2015

Top auction suburbs in Melbourne - this weekend:

Source: REIV