While there aren’t enough property auctions being hosted in Melbourne this weekend as a whole to make an assessment of Victoria’s property market, the upcoming fortnight could prove to be telling.
This is the conclusion drawn by the Real Estate Institute of Victoria (REIV) in the run-up to the Labour Day long weekend.
While the number of auctions scheduled for Saturday and Sunday (March 9 and 10) is low – just 200 across the state, with the majority taking place in coastal areas outside the city of Melbourne – the run-up to Easter weekend will give a more realistic look at Victoria’s property market.
More than 2,000 properties will go under the hammer in the following two weeks, which marks the next test for the state of property in Victoria, according to the REIV.
Figures from February show that clearance rates have reached 71 per cent – their highest rates since 2010 – which is a positive sign that buyer confidence is returning to the market.
If you are thinking about selling property in Carnegie at auction, contact the team at Ray White Carnegie – we can help you navigate every step of the process.