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Real Estate Institute of Victoria auction results for the last active pre-Christmas weekend on Saturday 18 and Sunday 19 December 2010 achieved a 64 per cent clearance rate, the highest result for the previous month up to that point, with a total volume of $244.82 million.

The overall clearance rate for 2010 was 71 per cent, admittedly lower than 2009’s 81 per cent, however, an improvement on 63 per cent reached in 2008.

A considerably larger amount of homes were sold at auction in 2010 – a 30 per cent increase on the previous year, indicating a thriving property market in Victoria.

The weekend of 18-19 December 2010 experienced 605 auctions, out of which 389 sold, 216 were passed in, with 114 on a vendor’s bid. Median prices for the period were as follows: house $658,750, apartment $466,000 and vacant lot $281,500.

The number of auctions is expected to be very minor in January, as prospective vendors will be recovering from the holiday break and making plans for later in the year. Auction activity is expected to pick up properly in February.

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