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Heading To An Auction This Weekend?

By Jamil Allouche

Auctions are incredibly popular, and there are a number of them  happening around Melbourne this weekend!

Perhaps, in between your weekend errands, you'll drop by to check out a property in Brunswick. Or maybe this weekend is one you've been hanging out for, when your dream Carlton property is finally up for sale.

Either way, you should be prepared for the auction action coming up this weekend. A preview for the week ending October 13 from the Real Estate Institute of Victoria (REIV), reveals around 990 auctions will take place this weekend.

That's a high volume of auctions. In fact, October is set to have around 4,500 auctions in total. This puts it on par with May 2010 which, at the moment, holds the record for the highest volume of auctions.

"There is also the possibility that we could break this record. With clearance rates currently averaging above 70 per cent, there is no doubt that there is a strong influx of demand in the auction market which would be good news for vendors," said Enzo Raimondo, chief executive officer of REIV.

As a comparison, last weekend  the REIV recorded a 70 per cent clearance rate from 834 auctions. This weekend last year experienced a clearance rate of only 64 per cent from 554 auctions.

This means things have really heated up in the auction market in Melbourne this year.

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