Real Estate

auction market test looms ahead of cup

Written by The ReReport

EYS auctioneer Brenton Ilicic auctions a Melbourne home.

NEXT Saturday is set to be the biggest test of Melbourne’s property market this year.
The city heads to its second busiest auction weekend of the year, with the Real Estate Institute of Victoria forecasting more than 1600 homes to go under the hammer.

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But while there were 1746 auctions held on March 25, the 67 per cent clearance rate at the time is likely to be higher than next weekend’s, according to REIV vice president Adam Docking.
“It’s going to be a good litmus test for what the market is going to be doing for the rest of spring time,” Mr Docking said.
“We are seeing a lot more people get more positive towards auctions. There are a lot more properties being priced to the current market.”

Wakelin Property Advisory director Jarrod McCabe said next weekend would give buyers a rare combination of choice and less competition than recent years.
“Spring brings more listings of good-quality property, and buyers can afford to be more choosy,” Mr McCabe said.

Traditionally the weekend before the Melbourne Cup pseudo long weekend is the busiest of the year, with almost 1800 held on the equivalent date last year.

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