Melbourne Set For Record High Auction Weekend
Auctioneers in Melbourne are going to be extremely busy this weekend with a massive 1,641 auctions scheduled according to RP Data, setting a new record high. This will break last year’s record of 1,619 auctions, which occurred on the same last weekend of October, in the run up to the Melbourne Cup weekend.
If these auctions all go ahead, the 25th – 26th October 2014 could set a new record for the biggest residential auction weekend in Melbourne’s entire history.
A large majority of the auctions are occurring in Brighton and Richmond with 27 scheduled, whilst Hawthorn has 25 followed by 24 in Reservoir and 23 in St Kilda and Brunswick.
The last few years has seen this weekend become increasingly popular for auctions in Melbourne due to people wanting to avoid the following week which has all the excitement of the Derby Day and the Melbourne Cup.
According to Robert Larocca, RP Data’s Victorian housing market specialist, Melbourne had only broken the 1,500-auction barrier five times in the past. One of those times was earlier this year in April, a Super Saturday weekend.
Real Estate Institute of Victoria (REIV) revealed that last weekend 1,078 auctions took place with a high clearance rate of 72%.
Melbourne is continuously known as the Auction capital of Australia with over 50 per cent of all auctions across Australia held here. However, auctioneers will be stretched this weekend, with just 1,272 registered auctioneers in Victoria, according to the REIV.
The whole of Australia has 3,434 auctions scheduled for this week, with 2,883 of these occurring in capital cities, just down on last year which saw 2,941 auctions take place for the same time period.
It is thought that the weekend before Christmas will also be another substantial auction weekend as homeowners hope to sell before the start of the holiday and festive period.
However, many Melbournians still prefer private sales with the majority of sales in Melbourne conducted privately. RP Data figures also show that the time on the market for houses sold privately has strengthened from 37 days to 36 days in the past week.
Published on 24th of October 2014 by Marty Stanowich