Melbourne’s reputation as the home of property auctions received a boost in the final three months of last year, with 12,855 auctions – more than 1000 a week – held around Victoria.
With private sales more popular in some outer suburbs and regional areas, unsurprisingly most of those auctions – 11,911 – were held in Melbourne. There was a fairly even split between the inner and middle suburbs, with 5001 auctions in inner Melbourne, 5180 in the middle suburbs but just 1730 in the outer suburbs. There were 944 in regional Victoria.
The figure was well up on the previous quarter, with 7548 auctions held in the three months to September 30. REIV CEO Enzo Raimondo said the strength of the market during the December quarter of 2013 was such that clearance rates remained at a healthy 70 per cent, despite the large number of auctions.
He said the value of the sales at these auctions was also well up on the previous quarter with the REIV collecting data on $6.4 billion worth in Melbourne in the December quarter, compared with $4.1 billion in the previous quarter. “That is a 58 per cent increase in total transaction value, with $3.174 billion worth of sales in inner Melbourne, $2.647 billion worth in the middle ring and $581 million in the outer suburbs.”
Auctions in regional Victoria were worth $161 million – a whopping 109 per cent up on the $77 million worth of auction sales around the state in the previous quarter.