The week ending 20th March delivered strong results in the auction market, with volume and the clearance rate both performing well. According to REIV data, the clearance rate for the week was 83%. At the same time last year it was 67%.
943 auctions were reported across Melbourne. 631 homes were sold at auction and 154 sold before auction, with 158 passed in. 20 properties were withdrawn from sale.
Persistently high sales across Melbourne during March follow a record-breaking month in February. The REIV has reported that the highest every auction clearance rate for the month of February was reached this year, with an 84.8% clearance “from more than 3000 auctions”.
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