INDUSTRY NEWSNEWSVic

Vic auction listings break through 2000 for the first time

A record 2040 residential property auctions were expected to be staged in Victoria in the week ending 28 November, according to the Real Estate Institute of Victoria (REIV).

The figure represents an auction volume increase of 244 compared to the previous high of 1796 auctions in October 2017.

But the record will be short-lived, with the REIV forecasting 2080 for next week.

This week’s auctions were due to be staged across 377 Victorian postcodes, with almost half of the homes going under the hammer in the middle Melbourne region (10-20km from the CBD).

Reservoir (30 auctions), Coburg and Glen Waverley (26) and Richmond (25) were set to be the busiest suburbs this weekend.

There were more than 60 auctions listed across regional Victoria and President of the REIV, Adam Docking said the strong numbers will be welcomed by home buyers.

“An increase in property supply over the next few weeks is good news for buyers, following a long period where fewer listings – but sustained demand – has, in many instances, played a role in lifting prices,” Mr Docking said.

“Breaking through the 2000 auction listings barrier will be a significant milestone for the real estate sector in Victoria.

“It’s a sign of market strength that should buoy all participants in the sector, particularly the hard-working agents who, every week, facilitate the property aspirations of the state’s thousands of buyers and sellers.”

A percentage breakdown of the auction location data for the weekend ahead:
• Inner Melbourne (0-10km from CBD) – 35 per cent
• Middle Melbourne (10-20km) – 43 per cent
• Outer Melbourne (20+km) – 17 per cent
• Regional Victoria – 5 per cent

Source: REIV

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