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Real estate sales in Victoria are picking up, with recent auction results showing that the weekend recorded a clearance rate of 71 per cent.
Over the two days (February 2 and 3), there were 108 auctions and 77 sales - with 31 homes being passed in, 23 of which on a vendors bid, according to the Real Estate Institute of Victoria.
The highest selling property was a Portsea home - which sold for $2 million, while the most expensive unit was a Williamstown address that went under the hammer for $1,075,000.
At the other end of the scale, the least expensive home was a Wyndham Vale property that took in $121,000. Units proved to be more costly, even for cheaper dwellings, with the least expensive apartment - located in Ferntree Gulley - bringing in $250,000.
REIV data found that for the December quarter, the median value of a house that changed hands at auction actually increased to $710,784 - up 2.4 per cent. Private sales increased by the same percentage, but only to a value of $464,949.
REIV chief executive Enzo Raimondo said that sales will pick up soon.
He explained: "The REIV is expecting around 220 auctions next weekend and that will allow the publication of the first Saturday clearance rate for 2013.
"The volume will continue to increase to a high point of 950 on 23 and 24 February."
