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Victoria Real Estate Market ‘Receiving Confidence Boost’

By Matt Hurlston

Carnegie real estate could be experiencing a boost, with one market expert claiming confidence levels are high in the Victorian property sector.

Chief executive officer of the Real Estate Institute of Victoria (REIV) Enzo Raimondo said the state, with Melbourne in particular, is enjoying an uplift.

His comments came after Victoria boasted one of the best-performing weekends on record in terms of auction volumes.

The final number reported to the REIV stood at 1,106 – with a 68 per cent clearance rate.

Various properties from Ray White Carnegie were on offer over the weekend, including real estate in Hughesdale.

Mr Raimondo said last weekend’s results show the “underlying strength” of the market in Victoria.

“The Melbourne residential market has turned the corner after two slow years with more active buyers and sellers,” he added.

“The clearance rate so far this year is 69 per cent, which is seven points up on this time last year and two points higher than in 2011.”

According to Mr Raimondo, the main factors affecting this boost in sentiment were lower interest rates and research showing impressive property prices and clearances.

However, he warned buyers that this could lead to a more competitive purchasing environment.

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