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Upcoming auctions building on previous growth

By Belinda McGuire

Those considering selling real estate in Rowville may be interested to hear that 970 auctions are expected to take place this weekend (March 2-3).

The Real Estate Institute of Victoria (REIV) has shown that the number on offer is steadily rising, after 938 auctions occurred last weekend, with a 72 per cent clearance rate.

Data has shown that this year has been the better performer than the last few, as the corresponding weekend in 2012 recorded a 61 per cent success rate from 827 attempts, while 64 per cent of 994 properties were sold in 2010.

The institute explained that February has been a month of growth, adding: "The clearance rate for the month was 70 per cent compared to 66 per cent in 2011 and 62 per cent last year.

"This is still below the heights of 2010 and suggests the improvement continues the moderate path commenced in the fourth quarter of last year."

Given the healthy outcome from last weekend, vendors will be more confident coming into this weekend.

It's expected that March will start slowly, before building to over 1,100 auctions on the weekend of March 23-24.

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