Auctions could hold the key to your next investment property
Many investors experience such success with their first piece of investment real estate in Melbourne that they’re soon keen to buy more. For some, this means following the usual method of approaching an agent, whereas others might just choose to head to an auction.
Auctions have generally proved popular in Melbourne. Not only are they a way of getting hold of a competitively-priced property, but the buzz of an auction is something that’s hard to replicate elsewhere.
The strength of Melbourne auctions
Data from the Real Estate Institute of Victoria (REIV) show the weekend of March 18 was especially strong for auction sales. In fact, it proved to be the biggest weekend of the year so far, as 1,004 homes were sold ahead of the Easter weekend.
Not only this, a clearance rate of 74 per cent was recorded, showing there’s still strong demand from buyers as the warmer months draw to a close. The total number of sales was just short of the all-time record, ranking in third place to November 2015 and October 2014 results.
Similar figures have also been released by CoreLogic RP Data, which revealed a 72.1 per cent clearance rate over the same weekend. This made the sales figures the highest out of all capital cities and twice as high as Perth, where just 36.2 per cent of homes were sold under the hammer.
CEO of the REIV Enzo Raimondo believes this upward trend will continue at least for the next two months, with especially high figures predicted for May.
Nelson Alexander has an auctioneer training programme to make sure our team of experts is on hand to secure sales for our clients throughout Melbourne’s best suburbs. We pride ourselves on offering the expertise of everyone who works for us, rather than just a single agent.
