Auction successes

AUCTIONS are traditionally the fiefdom of inner-city Melbourne but the latest analysis from the Real Estate Institute of Victoria shows that there have been more than a thousand auctions in regional Victoria so far in 2019.

Some places have recorded auction activity to rival metropolitan areas with the Geelong region dominating in volumes as well as impressive clearance rates.

Belmont leads the pack with 75 auctions resulting in 52 sales and a 69.3 per cent clearance rate. In Highton, there were 46 auctions with 35 properties changing hands and a clearance rate of 76.1 per cent and Geelong West recorded a clearance rate of 55.3 per cent from 38 auctions and 21 sales.

The fourth highest number of auctions so far in 2019 have been held in Newtown with 36 auctions and 20 sales leading to a clearance rate of 55.6 per cent. Next on the list was Torquay with 32 auctions (half of them resulting in sales) and Mildura with 31 auctions and a clearance rate of 74.2 per cent.

The top clearance rate town so far this year is Swan Hill with 76.9 per cent, followed by Highton at 76.1 per cent, Mildura with 74.2 per cent, Hamlyn Heights at 72.7 per cent and Belmont at 69.3 per cent.

Two of the top three auction sales were also in the Geelong area – a waterfront home in Geelong that sold under the hammer for $2.38 million and a three-bedroom house in Geelong West which changed hands for $1.45 million. Rounding out the top three was a property comprising two homes on Lake Nagambie which went for $1.49 million.

To find out more about auction activity in your town, head to reiv.com.au/market-insights.