Auction Predictions For Victoria
Property auctions in Victoria this weekend (July 13-15) are expected to be nearly on par with last week at 380.
While the number of properties to go under the hammer is considerably lower than last year and in 2010, the Real Estate Institute of Victoria says numbers traditionally remain low until picking up again in August.
Some suburbs seem more popular than others this weekend, with Richmond, Carnegie and St Kilda leading the pack.
Last week's clearance rate of 52 per cent is in contrast to Richmond's impressive 65 per cent rate and even more so to East St.Kilda's recorded 70 per cent.
Carnegie and St. Kilda have a slightly lower percentage of sales at clearance rates of 60 and 58 per cent, respectively.
The market is reluctant to pick up speed, with each of the mentioned suburbs having clearance rates roughly five points lower than last year.
Activity may pick up however, with recent data showing an ease in prices and interest rates held at the relatively lower rate of 3.5 per cent.