Those considering buying or selling a property in Brunswick at auction will be interested to know the popularity of this method of sales continues to endure, according to recent results from the Real Estate Institute of Victoria shedding light on the situation.
This weekend ending December 1, around 1,530 auctions are scheduled.
This same weekend last year, there was a 61 per cent clearance rate from 930 auctions, and this week in 2011 there was only a 51 per cent clearance rate from 701 auctions.
Last weekend ending November 24 the clearance rate for 1,038 auctions was 65 per cent.
"Vendors also need to be realistic about the prices they are willing to accept, especially in a day and age where buyers are more informed than ever before. Savvy buyers are subscribing to SoldToday auction alerts allowing them to review the sales in their area every weekend," said Enzo Raimondo, chief executive of the Real Estate Institute of Victoria (REIV).
"While the clearance rate is trending lower, we are still seeing 500 to 600 homes being sold under the hammer every week," he said.
He also mentioned there are over 1,500 auctions scheduled for each of the next three weeks.
If you're unsure about the process of buying or a selling a property, consult a real estate agent who can advise you on the best plan of action for the market conditions.