MARKET UPDATE. According to last week's The Australian, Melbourne’s property market is showing no signs of slowing down in the lead-up to Christmas. The city recorded its second-highest number of auctions for the year over the past week.
Almost 2000 properties went under the hammer, 200 more than this time last year: 64.7 per cent were sold at auction.
CoreLogic commentator Kevin Brogan said the rise in auction volume demonstrated a typical “rush to the finish line” for the end of the year.
“We often see a headlong rush towards the new year, with people wanting to be in their new home by Christmas or wanting a new property for the new year,” Mr Brogan said.
Geelong, southwest of Melbourne, recorded the week’s highest preliminary clearance rate of 83.87 per cent from about 80 auctions.