REIV Auction Preview 27-28 Feb 2010
24-Feb-2010
Last weekend, 711 Auctions, clearance rate of 85 per cent. This weekend last year, 587 Auctions, clearance rate of 73 per cent
This weekend 2008, 1014 Auctions, clearance rate of 71 per cent
Comments
The REIV expects a peak in auction listings for 2010 this weekend with around 950 auctions scheduled.
Auction sales continue to dominate inner city sales, Richmond has the highest number scheduled with 20 auctions over the weekend, Toorak has 18 and Balwyn has 15.
Competition is proving strong; a fact that this highlighted when this year is compared to last year and 2008. The clearance rate so far this year is 85 per cent, compared to 73 per cent this time last year and 74 per cent this time in 2008.
When the private sale results are included it is remarkable that twice as many homes have been sold compared to this time last year. Overall demand and an increasing population has made up for the ongoing reduction in first home buyers.
