The Real Estate Institute of Victoria has reported that at the weekend (October 27 and 28) auctions saw a clearance rate of 66 per cent - a result derived from the highest number of auctions this year - over 1,000.
Compared with last weekend's 60 per cent clearance rate and 50 per cent for the corresponding weekend of the previous year, this result is being much heralded.
The highest price to be garnered was a Kew property which brought in nearly $4 million.
Nearly 2,500 auctions took place across the country over the weekend as the lead up to Christmas sees more and more people trying to offload their properties before the end of the year.
The Real Estate Institute of Australia's Pamela Bennett told News Limited that there is positivity in the market.
"This weekend is one of the best indicators that confidence is gaining momentum," she said.
This is coming off the back, she went on to say, of low interest rates and speculation of another cash rate cut in the coming weeks.
The Reserve Bank of Australia will meet again on Tuesday November 6 to decide where to place interest rates. Since 2006, the the RBA has modified the cash rate one way or the other on Melbourne Cup day.
