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Hammers Going Down as Melbourne Auction Activity Soars

By Matt Hurlston

Families looking to sell their Hughesdale, Malvern East or Carnegie real estate may consider an experienced Ray White auctioneer, given the popularity of this sales technique in Melbourne.

A whopping 12,855 homes went under the hammer in Victoria in the last quarter of 2013. A total of 11,911 of these auctions were held in Melbourne alone, according to figures released by the Real Estate Institute of Victoria (REIV) on February 3. 

Melbourne's inner and middle suburbs were popular areas for high auction activity, while the Victorian capital's outer suburbs saw lower auction activity.

Real estate in Oakleigh, Malvern East, Carnegie and Hughesdale is incredibly popular for its convenient location to Melbourne's central hub, nearby schools and community facilities.

The latest figures from REIV indicate a strong desire for families and couples to buy into these central suburbs, with a 70 per cent clearance rate across Melbourne auctions.

REIV Chief Executive Office Enzo Raimondo noted that this figure was "healthy", given the large number of auctions.

Furthermore, auction activity increased on the previous quarter in Melbourne, which shows strong seller confidence.

Auction sales in Melbourne during 2013's final quarter came to a total of $6.4 billion – a 58 per cent increase on the previous quarter.

If you're considering selling your Melbourne property, get in touch with experienced selling principal Matt Hurlston at Ray White Carnegie.

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