The Block to be part of weekend auction frenzy

Victoria is on track to hold the biggest auction weekend in the state’s history, according to the Real Estate Institute of Victoria.

There are more than 1,900 auctions scheduled for this weekend – 1,826 on Saturday and 75 on Sunday. The tally includes the auctions of five properties from The Block.

The current record is 1,712 auctions, which was set in November 2015.

REIV president Richard Simpson said several auction records have already been set in 2017.

“More homes have sold at auction this year than ever before, with the current year-to-date clearance rate of 78 per cent suggesting that demand continues to outstrip supply across [Melbourne],” he said.

Mr Simpson said that while the spring auction market has been more subdued than in previous years, this weekend could see record-breaking activity.

“High auction numbers offer buyers plenty of opportunities to enter the market before the Melbourne Cup long weekend, with multiple auctions being held in more than 300 suburbs across the state,” he said.

The suburbs with the most scheduled auctions are:

• Camberwell 29
• South Yarra 24
• Reservoir 23
• Brunswick 21
• Craigieburn 21
• Balwyn 21
• Hawthorn 20
• Bentleigh East 20
• Brighton 20
• Richmond 19

During the past year, Victoria’s median house price has jumped 14 per cent to $817,000, while the median apartment price has climbed 9 per cent to $587,000, according to the REIV.

Compare home loans in Australia