Melbourne buyer bonanza, as market reaches new peak

Close to 5,800 homes were auctioned in November in just four Super Saturday weekends, making it the biggest auction month in the state’s history. 

The previous record was set in November last year, when more than 5,300 homes went to auction. 

Capping off the month was a blockbuster final weekend – 27-28 November – when 1,810 homes were scheduled to go under the hammer, including 1735 on the Saturday, and 75 on the Sunday. This was set to break the previous record of 1,740 weekend auctions.

In total, 1,850 homes were scheduled to go to auction last week, capping off a strong spring selling season.

REIV CEO Enzo Raimondo said that it has been a remarkable year for the state’s property sector, particularly in Melbourne, in a year in which:
•    More homes have gone to auction than ever before: 37,700 across the state in the year to 23 November, five per cent more than the same period last year; 
•    Auctions in outer suburbs, previously the domain of private sales, have continued to grow, following a trend that began in mid-2014;
•    The 2015 auction capital is Reservoir for the third successive year with 624 auctions; 
•    Of the top 10 auction suburbs this year, Glen Iris has recorded the highest clearance rate at 85.5 per cent;
•    Croydon South, with 29 auctions, has the highest clearance rate – 100 per cent.

REIV CEO Enzo Raimondo heralded 2015 as being the “biggest auction market for many years”.

“Victoria’s buoyant property market has recorded solid price growth over the past year with buyer demand and record low interest rates encouraging more vendors to sell their homes at auction,” he said. 

“High auction numbers are creating unparalleled opportunities for buyers, with multiple auctions held in more than 300 Melbourne suburbs over the month of November.

“Melbourne property buyers are currently spoiled for choice with high auction numbers forecast until mid-December.”