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Victoria is shaping up for another strong weekend of property auction action, according to latest industry predictions.
The Real Estate Institute of Victoria (REIV) expects that there will be around 610 auctions throughout the state over August 10 and 11.
That's a healthy increase on last weekend's 552 auctions and an even more impressive improvement on the same weekend last year (434 auctions).
In fact, the REIV notes that this is the most auctions scheduled for a month in August since way back in 2010.
The good news for sellers is that last weekend 72 per cent of auctions ended with a successful property sale - compared to 56 per cent for this weekend last year.
As far as trends go, this one seems to be on the up and up.
That could mean that vendors are in for another great weekend of bidder turnout and a high likelihood of securing a positive outcome.
Richmond and Brighton are at the head of the pack when it comes to auction volumes, with 13 auctions scheduled apiece.
There'll doubtless be lots of great buying opportunities all over the state, however, and keen buyers may have an additional spring in their step thanks to this week's cash rate cut, which has been passed on by many lenders.
Bidding for a property at auction
Auctions are an increasingly popular way to sell property and even though they may seem to benefit sellers more than buyers, there are lots of positives to do with bidding on a property in an open forum.
One of the most significant is the transparency of the process.
You can see who you are bidding against and no one has an advantage over anyone else - apart from how high they are willing to bid of course.
Another big plus is that once you've won the auction and the reserve price has been met, the sale is unconditional.
No extra terms can be added to the ones already set out by the vendor.
Since you'll need to have organised finance approval beforehand, once the auction is over the settlement can happen very quickly - meaning you get the keys to your new home or investment property even sooner.
And don't forget that buying property can be fun - auctions can often be exhilarating to take part in, particularly as by doing your homework you may end up with a great bargain.
