Melbourne is gearing up for one of the biggest weekends for real estate auctions in two years, according to the Real Estate Institute of Victoria (REIV).
A total of 1,150 auctions are expected for the weekend of October 27 and 28, which is the largest volume for a single weekend since December of 2010. Typically this time of year sees an increase in the lead-up to Christmas. It's a sign of positivity in the market which has slowly progressed since Spring.
REIV spokesperson Robert Larocca told the Herald Sun that he was buoyed by the listings and feels that this is another indicator that the real estate industry is headed back in the right direction.
"Vendors who had been wondering if now is the right time to sell, are getting off the sidelines and displaying improved confidence in the Melbourne market," he said.
This coming weekend is expected to see 540 properties go under the hammer at auction and will be a test to see whether the period of growth the market has seen this season can be sustained growth.
Previous clearance rates for this weekend in 2011 and 2010 were 51 per cent and 71 per cent, respectively.
