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Melbourne market on a high as vendors go to sale pre-election

A range of factors – including the upcoming Federal election – will push Melbourne’s auction market to unheard highs in the next fortnight.

New REIV data shows that Melbourne will see one of the biggest ends to the financial year on record, with close to 2,000 auctions scheduled in the next two weeks.

This weekend, 1,050 homes are set to go under the hammer – trumping the previous record for the same weekend in June, set last year, when 955 auctions were held.

A further 920 homes are currently scheduled for auction in the last weekend in June – far more than other on record.

The key factors include the upcoming Federal election in a fortnight, underpinned by mid-year Victorian school holidays which commence on the same weekend, REIV CEO Geoff White said.

“Vendors are looking to go to market prior to these other events early next month – including the election which will be a big focus in the first weekend in July,” he said.

He added that the influx of high auction numbers would provide strong opportunities for buyers.

“Buyers are going to be spoiled for choice in the next few weeks with high auction numbers in more than 260 Melbourne suburbs.

“This will enable buyers to purchase a new home and even settle before spring.”

He added that buyer and vendor confidence in the market remains solid high with strong clearance rates and continuing record low interest rates.

“This is one of the strongest finishes to the financial year in the state’s history, with two major auction weekends in the next fortnight,” he said.

Source: REIV