Home Sales Expected To Rise In Victoria

Despite sales of homes dropping slightly, the Real Estate Institute of Victoria (REIV) is confident things will improve as warmer months continue.

Spokesperson Robert Larocca said that the number of sold signs will rise as they typically do around this time of year.

"Whilst auction volumes are 19 per cent below this time last year they will increase in the weeks leading up to the AFL Grand Final. There are around 690 auctions expected next weekend and 750 on the following weekend," he said.

The expected improvement of Victorian property market comes in line with forecast upward trends within the commercial real estate sector.

It comes as sales of commercial office space across Australia fall in line with last year, with $2.4 billion worth of office space sold. That's according to Colliers International's latest CBD Office Research & Forecast Report.

However, the number of sales is down with 38 sold last year with only 34 sold this year.
John Marasco, the Managing Director of Investment Services of Colliers International told the Property Council of Australia that despite the shortfall, investment is still strong and driving growth in the market.

"Across the board, we are seeing soft tenant demand in our CBD office markets, but this is not being reflected in investment demand, which, in general, is very strong," he said.