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Real Estate in Melbourne ‘Set to Continue Strong Performance’

By Matt Hurlston

Real estate in Melbourne will continue to perform well over the coming months, one property expert has claimed, with more and more buyers showing interest.

Richard Wakelin, director of investment firm Wakelin Property Advisory, was quoted by the Sunday Herald as saying there seems to be significant strength in the sector.

“This market appears extremely sustainable and will take us through winter and into spring with a continuation of what we have seen for the first couple of months this year,” he stated.

His comments followed one of the state’s busiest auction weekends (March 23-24) on record, with 1,106 homes going under the hammer, according to the Real Estate Institute of Victoria (REIV).

People hoping to purchase Carnegie real estate and real estate in Hughesdale also had plenty of choice, with Ray White Carnegie offering a number of properties in these sought-after locations over the weekend.

REIV spokesperson Robert Larocca told the Herald that the 68 per cent clearance rate over the two days revealed the auction market had overcome its biggest test since 2011.

“It’s a very strong result when you realise this weekend last year was 59 per cent from only 703 auctions,” he went on to say.

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