Hammers raised

While the majority of homes are sold by private sale, new REIV data shows auctions are gaining in popularity in regional Victoria.

More than 3,090 regional auctions have been held in 2017, up 14 per cent on the same period last year.

Vendors in regional Victoria achieved solid results at auction this year with 2075 sales under the hammer – a clearance rate of 67 per cent. This is an increase of 33 per cent on last year’s figures.

Greater Geelong accounted for almost half of the state’s auction volumes with more than 1,200 auctions held and 967 selling, delivering a high clearance rate of 80 per cent. A clearance rate of more than 70 per cent generally indicates that the market in that region favours sellers.

Belmont was the state’s top auction location this year with 180 auctions held and 142 selling under the hammer – a clearance rate of 79 per cent.

High auction volumes were also recorded in neighbouring Newtown, where 121 homes were auctioned with 64 per cent selling.

At least 110 auctions were held in Geelong West and Highton this year with clearance rates of 84 and 78 per cent respectively.

Other regional areas experiencing high auction volumes this year include Torquay, with 69 auctions and a clearance rate of 78 per cent; Geelong, with 67 auctions and a 75 per cent clearance rate; and East Geelong, with 66 auctions and a 98 per cent clearance rate.

Meanwhile, more than 170 homes went to auction in East Gippsland with 69 per cent selling under the hammer.

Auctions were also popular in the Macedon Ranges and Golden Plains with both municipalities recording around 150 auctions this year and clearance rates of 70 and 64 per cent respectively. Auction volumes in these areas were up 20 and 28 per cent respectively on 2016 figures.

The Surf Coast has recorded an increase in auction volumes this year with 129 auctions held and a clearance rate of 74 per cent – 19 per cent more than the same period last year.

For more information on auction results by town, visit reiv.com.au/marketinsights.