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Weekly Auction & Sales Results, Market Overview 06/06/2011 (D/M/Y)

Saturday 4th & Sunday 5th June 2011

This weekend 58 per cent of homes auctioned have resulted in a sale. 

There is no doubt that most buyers and sellers will be hoping that
the Reserve Bank keeps interest rates stable when they meet on Tuesday.

A total of 694 auctions were reported this weekend. Of those 403 sold and 291 were passed in, 187 of those on a vendors bid.

The last time the Melbourne market recorded 6 weeks with a clearance
rate in the 50's was late 2008 in the peak of the spring selling season.
It is interesting to note that whilst its now winter the volume of
auctions is the same as it was in late 2008.

This weekend last year saw 915 auctions and a clearance rate of 69 per cent.

Make sure you tune into Melbourne Property TV on Monday night at
8.30pm on Ch 31 to see experts discuss this weekends residential market. (More From REIV)

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