Real estate auction has awakened from the winter hibernation as the industry bids the cold grind goodbye. Over the weekend, property markets such as Melbourne bloomed this early spring as a 71 per cent clearance rate was posted from a preliminary auction clearance.
“This has been the most vibrant auction market since the middle of February this year with three consecutive weeks over 70 per cent,” RP Data Melbourne market expert Robert Larocca said.
There were 888 auctions across Melbourne last week. Of the 784 results reported to RP Data, 557 were sold under the hammer or sold before or after auction.
Across the nation, there are 2,057 auctions scheduled this week. In capital cities there are 1,692 auctions expected compared to 1,054 for the same period last year.
The RBA’s decision to keep interest rates at current low levels is seen to having a positive effect on the spring auction market. For more information on how get the most of this spring’s auction, visit R&H Business Broker Victoria’s auction page and be sure to subscribe to our newsletter for all the hot properties that are being auctioned.
Image source: Heruldsun