The first five months of 2010 are now completed and the auction market has delivered some remarkable outcomes.
In February and March, the first two months in which a substantial number of auctions are held, the market exhibited record results. In February there were 2286 auctions, of which 85.6 per cent sold. In March there were 2931 auctions and the same clearance rate was recorded. This makes it the equal-fourth-strongest month for auctions in the city’s history, exceeded only by September 1999 (86 per cent), May 2007 (85.7 per cent) and July 2007 (86.5 per cent).
In April there were 1998 auctions held and a clearance rate of 82.7 per cent was recorded, slightly less than February and March but still well above the long term average clearance rate.
In May the number of auctions increased considerably – to 4271. A combination of the high number of auctions and six consecutive interest rate increases lead to the clearance rate reducing by nine per cent to 75.3.
A review of the number of homes currently scheduled to be auctioned in June reveals that buyers will continue to have a stronger position, with the trend of historically high listings set to continue. In the first two weekends alone there are 1310 auctions scheduled. Over the last two years the entire month of June has recorded between 1600 and 1800 auctions, numbers that clearly will be exceeded this year.
From a year-to-date perspective the REIV has now recorded more sales than ever before, confirming that the underlying market is still healthy.
Source: Real Estate Institute of Victoria
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