Regional Victoria experiencing strong auction results

Greater Geelong played a major role with nearly half of the state’s auction activity coming from this area, with 1,412 homes going to auction and 1,116 selling by auction, with a clearance rate of 79 per cent.

“Clearance rates are a key market indicator for homes sold at auction, with high clearance rates indicating strong buyer competition in a particular area. Clearance rates above 70 per cent typically suggest that the market favours sellers,” Mr King said.

Mr King said that the Macedon Ranges also saw a rise in auction activity over the last 12 months to March at an increase of 16 per cent, with a clearance rate of 69 per cent.

Additionally, Surf Coast saw a rise of 41 per cent with a clearance rate of 75 per cent.

“Auctions were also popular in Ballarat and Campaspe, with both municipalities recording around 135 auctions this year and clearance rates of 65 [per cent] and 59 per cent, respectively. Auction sales in these areas increased 17 [per cent] and 50 per cent, respectively, on 2016/17 figures,” Mr King said.

“The Shire of Mitchell, north of Melbourne, also showed a strong improvement in auction activity, with volumes increasing by 80 per cent, while sales under the hammer more than doubled their previous auction sales.”