Auctions are proving to be an increasingly popular method of securing real estate in Bentleigh East, as the latest figures show heightened activity over the weekend of March 18. In fact, the results were the third-highest on record, reports the Real Estate Institute of Victoria (REIV), which is an impressive outcome for the industry.
CEO of the REIV Enzo Raimondo doesn’t believe this trend will be short lived, either.
“Victoria’s solid auction market should continue over the next two months, with higher numbers expected in May,” Mr Raimondo commented.
The REIV revealed that the highest auction result to-date was recorded during the weekend of 28 and 29 November 2015, when a total of 1,749 homes were put up for auction. In second place is 25 and 26 October 2014 as 1,682 properties were auctioned.
Nevertheless, this latest result is the highest of the year so far. A total of 1,667 auctions took place throughout Victoria, with 1,004 of them sold successfully.
Easter weekend is typically a much slower time for auction results. CoreLogic RP Data explained that only 522 auctions were scheduled to take place, down considerably from the 3,540 in the pipeline just a week earlier.
The data analysts also revealed that Melbourne’s clearance rate was the highest in the country during the weekend in question at 72.1 per cent. This was twice as high as the rate in Perth, which stood at just 36.2 per cent.
Having a real estate agent such as Matt Hurlston on your side can be a major advantage when buying property in Bentleigh East. He’s a fully licenced auctioneer and knows the ins and outs of the business.
Get in touch to find out more about Victoria’s auction market and how you can find your next property using this increasingly popular method.