REIV predicts more confidence for vendors

The Real Estate Institute of Victoria (REIV) is predicting that vendors will be enjoying greater confidence as a result of recent clearance rates.

Last week (February 23-24) saw a success rate of 72 per cent from 938 attempts, with the momentum hopefully continuing this weekend with 970 auctions taking place.

The success of the last few weekends is in stark contrast from previous years, with this weekend from last year producing a 61 per cent clearance rate from 827 auctions, while 2010 yielded a 64 per cent success rate from 994 attempts.

The REIV explained that this weekend will see the most auctions occur in Richmond, St Kilda and Port Melbourne, with the market showing signs of growth.

It was said: "Initial results for February confirm the improvement in the market.

"The clearance rate for the month was 70 per cent compared to 66 per cent in 2011 and 62 per cent last year. This is still below the heights of 2010 and suggests the improvement continues the moderate path commenced in the fourth quarter of last year."

It is expected that March will start out slowly before picking up with over 1,100 auctions in the final weekend of the month.