HOME owners taking advantage of a gap between the football grand finals and Melbourne Cup have put a flood of million-dollar properties up for auction this weekend.
Described by one buyer advocate as a ''super Saturday'', vendors have braved subdued selling conditions and softening prices, listing 875 homes for auction and 500 for private sale.
The surge of listings was the result of a limited number of spring weekend selling days free from other public events such as the grand final and spring racing carnival.
On the same October weekend last year, 1110 properties were listed for auction, the largest number since one weekend in March 2008 when 1351 homes went under the hammer.
James Buyer Advocates principal Mal James said at least 150 homes to be auctioned this weekend in Melbourne's eastern and bayside suburbs were expected to sell for more than $1 million.
That represented conditions similar to other ''super Saturdays'', he said.
Jellis Craig chief executive Nick Dowling said that while quality homes above $2 million were selling well, houses between $1 and $2 million needed to be ''well positioned. Many buyers are waiting to see what happens to interest rates on Cup day.''
According to the Real Estate Institute of Victoria, Melbourne's auction clearance rate has averaged 53 per cent over the past month. For homes costing more than $1 million it was 41 per cent.
''There is no doubt opportunities are available in the million-dollar plus market. Most suburbs in that league are now seeing sales below their peak,'' REIV spokesman Robert Larocca said.
Property analyst Mark Armstrong said the market was likely to soften but would strengthen midway through next year if interest rates stayed the same or fell.
Recent REIV figures show Melbourne's median house price declined 2.8 per cent in the September quarter.
