Melbourne auction activity to stay elevated

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It’s been the nation’s busiest auction market for quite some time and activity in Melbourne is predicted to keep up its record setting pace.

According to the Real Estate Institute of Victoria (REIV), auction volumes in the Melbourne market are set to remain elevated in coming weeks as vendors push to get on the market before the Federal Election and the beginning of school holidays in Victoria.

The election date, 2 July, is also the starting date for Victoria’s mid-year school holidays.

“Vendors are looking to go to market prior to these other events early next month – including the election which will be a big focus in the first weekend in July,” REIV chief executive officer Geoff White said

“Buyers are going to be spoiled for choice in the next few weeks with high auction numbers in more than 300 Melbourne suburbs,” White said.

“This will enable buyers to purchase a new home and even settle before spring.”

Last week saw more than 1,000 homes in Melbourne go under the hammer, and the RIEV expects around 920 auctions to take place across the city.

That number would mean auction activity in Melbourne would reach a level not seen before in the last week of June.

While auction volumes are high, White said clearance rates are also likely to remain strong as confidence among buyers and vendors remains strong off the back of continuing record low interest rates.

“This is one of the strongest finishes to the financial year in the state's history, with two major auction weekends in the next fortnight,” he said

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