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Super Saturday Exceeds Expectations

By Jamil Allouche

Australians and fans of equestrian racing all around the world will be familiar with the Melbourne Cup event, an annual thoroughbred horse race that brings celebrations and festivities and is known for gripping the nation.

Because Melbourne in particular comes to a standstill during the event, 'Super Saturday' is known as the weekend beforehand, where a high volume of auctions are held to make up for the lack of activity on cup weekend.

Saturday October 26 saw a total of 797 auction sales, the highest figure recorded in one day, according to the Real Estate Institute of Victoria (REIV).

"Nearly one billion dollars' worth of property sold by auction over a single weekend is an amazing result," said Enzo Raimondo, chief executive officer of REIV.

All in all, $914 million worth of property was sold by auction with 1,460 properties sold on October 26-27. Of these, 1,064 were passed under the hammer.

"Auction clearance rates have been above 70 per cent for the past three months, and in such conditions the market should run strong until mid-December, with prices expected to rise," said Mr Raimondo.

This signals good news if you are considering putting your property in Brunswick up for auction.

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