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Will you buy your next property at auction?

By Jamil Allouche

Heading to auction with the intention of buying Coburg real estate can be an exciting prospect. From the atmosphere of the sale room to the prospect of securing a bargain, there's no shortage of reasons why people choose this method of purchase.

The latest figures from CoreLogic RP Data show this is something an increasing number of people are deciding to do. During the week to 20 March, a total of 1,788 auctions were held throughout Melbourne, with 1,202 sales proving to be successful.

This placed the city's clearance rate at 72.1 per cent. To put this in context, Perth's registered at just 36.2 per cent, while Brisbane's clearance rate stood at 49.6 per cent.

Will these results continue?

The Real Estate Institute of Victoria (REIV) has also flagged just how active the state's auction market has been. During the weekend of 18 March, it revealed that the third-highest auction result on record had been registered.

Previous highs had been experienced on 28 and 29 November 2015, followed in second place by 25 and 26 October 2014.

"Victoria's solid auction market should continue over the next two months, with higher numbers expected in May," said CEO of the REIV Enzo Raimondo.

It's more than likely that results for the Easter weekend won't be as strong as these latest figures. This is typically a slow time for the market, but as Mr Raimondo suggests, there's every chance this could soon pick back up again.

How to secure your Coburg real estate

Having an experienced real estate agent in Coburg by your side can be invaluable. It will help you approach the market with confidence and know what to look for whenever you enter the auction sales room.

Speak to the team at Ray White Brunswick for help getting your foot onto the ladder, or making your next steps on it.

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