Melbourne’s auction market has held its ground on the first day of the spring selling season.
The Real Estate Institute of Victoria said the clearance rate was 63 per cent for the 451 results reported. The outcome of another 45 scheduled sales are still unknown.
‘‘It’s good to see demand is improving on what we saw through the middle of winter, but there’s still a long way to go for spring,’’ REIV spokesman Robert Larocca said.
The market’s performance has also been boosted by what has proved to be lowest auction activity level for a spring opening weekend in six years.
Last weekend, the clearance rate was 63 per cent for 561 auctions. A fortnight ago, only 57 per cent of the 467 properties on offer sold.