During the week ending 8th May there were 1019 auctions reported across Victoria, according to REIV data – a slight decrease from the 1204 reported during the previous week. The auction clearance rate for last week reached 81%.
632 homes were sold at auction, while 192 sold before auction, with 195 passed in. 30 properties were withdrawn from sale.
Data for the same period in 2020 is limited due to the onset of the pandemic. However, the REIV confirms that only 110 auctions were reported for the same week a year ago.
While the pace of growth in the housing market has eased slightly since peaking during March, record low interest rates continue to be “a major tailwind for upward pressure on housing market values”, according to analysis by CoreLogic.
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By Wendy Chamberlain
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With a passion for all things real estate spanning 20 years, Wendy loves that her role as a Buyers and Sellers Advocate gives her buying and selling clients an experienced voice they can trust when it comes to negotiating to buy or sell something as important as their home or investment. Wendy considers it a privilege to be asked to help others realise such an important goal as home ownership and to be trusted with that honour. Get in touch today via www.chamberlainadvocates.com.au for a no obligation chat about how Wendy can work with you and help you save time and money to secure your new home sooner.