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A record number of properties are being sold under the hammer in Melbourne, with some suburbs reporting clearance rates above 90 per cent.
The city held 18,000 auctions in the six months to June, setting a new high watermark for the period, according to REIV CEO Enzo Raimondo.
“This is the greatest number of auctions for any first half year, easily higher than the previous record of just over 16,000 auctions in the first half year of 2010,” Mr Raimondo said.
Compared to the first half of 2013, auction numbers are up by 30 per cent.
Mr Raimondo said certain “middle ring” suburbs were putting in the strongest performance, recording clearance rates in the 90th percentile.
In Ashwood, 97 per cent of its 32 auctions concluded with a sale.
Mr Raimondo said these suburbs were in demand due to their large block sizes and reliable transport links.
Throughout Melbourne, he believes affordability and favourable market conditions are driving interest in the auction sector.
“Buyers have taken advantage of the record low interest rates and strong market to pursue the Australian dream,” he said.
An auction is a public event for the sale of assets and property to the highest bidder among a group of buyers.