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The Real Estate Institute of Victoria (REIV) is expecting big things for the auctions taking place in the state this weekend.
REIV is expecting 520 auctions, with the highest number in the south eastern suburbs of St Kilda, Elwood, Bentleigh East and St Kilda East.
This follows a stellar result last weekend with a total of 434 auctions and a clearance rate of 56 per cent.
Compare these figures with the same time last year and there were 468 auctions with a clearance rate of 55 per cent. Almost two years ago the clearance rate was 67 per cent and there were 598 auctions.
REIV says the auction market has been strong this year in the inner suburbs with a clearance rate of 67 per cent.
The institute is expecting there to be about 500 auctions next weekend and 500 the weekend afterwards.
Auctions can be exhilarating experiences for people even when you are not there to buy or sell a property. It is quite a good idea to go along to a couple of auctions to get a feel for how they work before you make any bids of your own, and prevent any unplanned spending sprees in the heat of the moment.
