Melbourne on track to smash auction records

There’s nothing quite like the buzz of a property auction. Buyers enter with their eye on a particular piece of Carnegie real estate or two, and have a fairly good idea how much they want to pay.

This is a method of buying and selling property that’s become increasingly popular over the past few years, and new figures from the Real Estate Institute of Victoria (REIV) suggest this is going to continue.

Last weekend (18 and 19 June), the group revealed that as many as 1,050 homes were due to be sold at auction. This went above and beyond figures from the same time last year, when just 955 auctions were held across the state.

Why are auctions proving so popular?

Auction activity is currently reaching fever pitch, as people hope to enter the property market ahead of the federal election. This has the potential to bring uncertainty, which Victorians will at least in some part be able to overcome if they get their keys sooner rather than later.

“Buyers are going to be spoiled for choice in the next few weeks with high auction numbers in more than 260 Melbourne suburbs,” said CEO of the REIV Geoff White.

“This will enable buyers to purchase a new home and even settle before spring.”

There’s also the fact that Melbourne is performing especially well at the moment. CoreLogic RP Data reported at the start of the year that the Victorian capital had already outstripped its New South Wales counterpart – and this has continued to be the case ever since.

With activity going from strength to strength, there’s been no better time to appoint a real estate agent in Carnegie. Matt Hurlston and his team are ready to guide you through the process and make sure your trip to auction is a success.