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Victoria real estate auction volumes on the rise

By Belinda McGuire

People trying to buy real estate in Rowville and other suburbs of Melbourne may be encouraged by news that auction volumes across Victoria are on the rise.

The Real Estate Institute of Victoria (REIV), offering a preview of activity this weekend (February 16 and February 17), said the number of auctions will double on Saturday and Sunday compared with the previous week.

REIV said there were 231 events last weekend at a clearance rate of 67 per cent, with this figure jumping to 450 this weekend.

"The increase in stock will be welcomed by buyers who sometimes struggle to find the home that meets their needs when listings are low," the organisation added.

The volumes are also up when compared with previous years, with 303 auctions in the corresponding period of 2012 and 424 in the preceding year.

This weekend, the concentration of auctions is highest in the metropolitan area, REIV confirmed, signifying a shift from the last two weeks when activity was most prominent away from the centre.

According to REIV, the volume of auctions is likely to continue rising as the month goes on, with 950 planned for next weekend and 970 the following weekend.

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