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Victorian auctions are scheduled to soar into the thousands by the end of February

By Mo Zeitouneh

Auctions scheduled for Victoria are set to soar over February, with the volume this summer “rivalling the spring market”.

Yesterday, PropTrack records showed 457 properties went under the hammer with 71 per cent sold.

Ray White Victoria and Tasmania chief auctioneer Jeremy Tyrrell said they had 231 auctions during the week, which was a positive sign for the month ahead.

There are thousands of auctions scheduled by the end of February.

“It’s really got off to a strong start with clearance rates over 72 per cent,” Mr Tyrrell said.

“We had 300 auctions in January for Victoria so that was record numbers for us as far as volume of auctions and we still sold at 67 per cent.”

He added that inflation dropping and chatter of interest rates holding was adding “fuel to the fire” by instilling confidence in buyers to enter the market.

Economist Anne Flaherty there was positive sentiment among sellers in the market.

PropTrack economist Anne Flaherty said the number of auctions was much larger than what it was 12 months ago which was “very staggering” and reflected positive sentiment among sellers.

There were around 230 more auctions over the weekend (52 per cent) than this time last year, according to PropTrack records.

“It really reflects that there’s more positive sentiment among sellers in the market at the moment, not just to bring their homes to market but also they have confidence in auctions as a sale method,” Ms Flaherty said.

Auctions are scheduled to increase rapidly throughout February and into the thousands by the end of the month.

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