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Big Auctions Weekend for Victoria

By Belinda McGuire

Victoria is set for one of its biggest ever auction weekends in terms of volumes, with 1,210 due to take place over Saturday and Sunday (March 23-24).

The large number of auctions could spell good news for people looking to buy or sell real estate in the City of Knox, indicating the state's property market is enjoying a period of increased activity.

According to the Real Estate Institute of Victoria (REIV), the weekend will be the fifth busiest in Victoria's history, with the corresponding period in 2012 seeing 703 auctions in comparison.

Similarly, there were 956 auctions in this weekend three years ago – with a clearance rate of 64 per cent.

"There are two reasons for the high number of auctions," the REIV stated.

"Firstly as consumer confidence levels are slowly rising more owners are prepared to sell and secondly, a traditional spike in listings caused by Easter the following weekend."

The largest volume of auctions ever recorded was March 14 and 15 in 2008, which saw 1,351 auctions, with 67 per cent successfully cleared.

November 2003 was also a winner in terms of numbers, although the high volume of auctions (1,241) was marred by a clearance rate of only 47 per cent.

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