Melbourne’s market will face it’s biggest test this year, with a super Saturday of auctions on the cards.
There are 1435 properties going under the hammer this week in Victoria’s capital, making it the busiest for auctions since the same week last year.
CoreLogic auction analyst Kevin Brogan said many vendors hoped to sell their property before the Melbourne Cup long weekend, which had caused the spike from 915 properties last week.
“It’s a phenomenon we see in Melbourne on an annual basis,” Mr Brogan said.
“What’s going to be really interesting is whether or not the increase in activity makes a difference to the clearance rates, which appear to be holding steady.”
Final clearance rates have stayed above 70 per cent for 13 consecutive weeks, according to CoreLogic data.
Last year’s bumper weekend only produced a clearance rate of 48.6 per cent from 1709 recorded auctions.
Local celebrities are among the vendors hoping to seal a deal on October 26.
Former TV and radio host Jules Lund, who has become a social media entrepreneur, is hoping to sell his Elwood investment property at 40 Milton St.
Lund has $2.5-$2.75 million price hopes for the four-bedroom property, where he briefly lived with his wife Anna.
“In the end we lived there for a short time and saw another property, which was closer to the kids’ primary school,” Lund said.
“We rented it out to some happy families and it seems like it’s done its job.”
Celebrity chef Elizabeth Chong is also hoping to sell her Richmond townhouse at 2/28 Abinger St, which has a $1.275-$1.35 million price guide.
The Chinese cuisine icon has lived at the three-bedroom home for 22 years.
Jellis Craig Richmond agent Elliot Gill said the property had received plenty of interest from young couples and downsizers.
Ex-AFL star Stewart Crameri was also due to sell his Ripponlea investment property this weekend, but an early offer could cancel the event.
Another ex-footballer, North Melbourne player Frank Goode is looking to sell his Armadale townhouse this Saturday.
Auction volumes are predicted to drop suddenly next weekend, November 3-4, as Melburnians turn to the track for the Spring Racing Carnival.
Mr Brogan said it’s possible homeowners could list their properties particularly late this year, as confidence builds.