Melbourne readies for record 1500 auctions on late October super Saturday
That's not a super Saturday..... this is a super Saturday.
Standby for 1500 scheduled Melbourne auctions on the October 25 weekend.
That surpasses the current record Saturday offering of about 1350 in 2008.
The next few weekends are leading up to the crescendo with the REIV calculating 810 for this weekend; then 1010 for the October 12 weekend; and 1120 for the October 18 weekend.
The REIV research assistant Lawrence Lu sent me the list of 16 weekends that have had above 1000 auctions over the past five years and the clearance rate. The figures excluded auctions that were postponed, withdrawn or unreported.
1) 15 March 2008 1351 67%
2) 12 December 2010 1235 57%
3) 24 March 2013 1176 67%
4) 23 February 2008 1146 74%
5) 24 October 2010 1127 67%
6) 28 October 2012 1122 64%
7) 19 April 2008 1105 64%
8) 28 November 2010 1101 59%
9) 28 March 2010 1073 85%
10) 5 December 2010 1071 60%
11) 12 December 2009 1065 81%
12) 20 June 2010 1050 68%
13) 28 November 2009 1050 78%
14) 1 April 2012 1016 58%
15) 1 March 2008 1014 71%
16) 21 November 2010 1013 57%
Ofcourse although auctions grab all the headlines, private sales are by far the most popular way to buy and sell homes in Victoria.
Around three-quarters of all property in Melbourne are sold by private sale.
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The director of Consumer Affairs Victoria Claire Noone says there were important facts buyers and sellers should know about private sales.
“The contract of sale can be conditional,” Dr Noone said.
“This means that, if the seller agrees, the buyer can make the sale subject to obtaining a loan, a satisfactory building inspection report, or other conditions.
“If you’re making an offer to buy by private sale, we recommend you write into the contract a date by which your offer will lapse, so you will know whether the seller has accepted your offer by a time that suits you.”
For private residential sales and those of rural properties of less than 20 hectares, a buyer has three business days to change their mind – although there is a small financial cost for doing so and it is not possible in some circumstances such as at auctions.
“Buyers and sellers should not rush or be pressured into making hasty decisions about property contracts,” Dr Noone said.
“You will feel more confident about the outcome if you make an informed decision – carefully read the contract and ensure you understand the terms and conditions of sale.”
Consumer Affairs Victoria has new videos to help home buyers and sellers prepare for an anticipated stronger property market this season.
