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Auction Preview For The Week

By Angela Hill

Would you consider putting your Carlton property up for auction, especially considering the relatively high house prices in Melbourne at the moment? You might be interested in the latest predictions about auction clearances.

The Real Estate Institute of Victoria (REIV) reported on August 29 that it predicts around 830 auctions for the weekend in Victoria. This is the first time the number of expected auctions for Melbourne has exceeded 800 since March of this year, with 16 auctions scheduled in Kew.

There are many reasons for this rise in the volumes of auctions, including a general improvement in market conditions, which is promising for others still considering whether to sell. As well as this, some auctions are simply taking place early due to the fact that the federal election is looming so close.

Last weekend in Melbourne, there was a 79 per cent clearance rate from 651 auctions – so as demonstrated there has been quite a jump. While the clearance rate for the upcoming weekend remains to be seen, buyers will be hopeful that their properties in these market conditions can generate them some profit.

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