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Melbourne sets house sales record

27 November 2015 by News Desk

property001More homes were sold in Melbourne in November than at any other time in the history of Victoria.

Almost 5,800 homes will have been sold this month at auctions held in more than 300 Melbourne suburbs over a period of just four Saturdays.

It marks a record year for the housing market in Victoria. More homes have been auctioned than ever before: 37,700 across the state in the 12 months to November, a 5% increase on the same period last year.

Auctions in outer suburbs have continued to grow since mid-2014. The greatest sales, for the third successive year, were at Reservoir with 624 auctions. Of the top 10 auction suburbs this year, Glen Iris recorded the highest clearance rate at 85.5% while Croydon South with 29 auctions had a 100% rate.

The final auction in November, this weekend, will see 1,810 homes offered for sale, 1,735 on Saturday and 75 on Sunday. In total around 1,850 auctions will take place in 367 suburbs. Most popular locations are Mount Waverley (30 auctions), St Kilda (28 auctions) and Reservoir (27 auctions). The 1,850 auctions are expected to set a national record for auctions.

In Sydney, around 1,000 properties are due to be auctioned this weekend.

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