property market is ‘stable' in victoria

Property market is ‘stable' despite sluggish clearance rates

Erin Michael
From:Herald Sun
May 21, 2012 6:34AM

MELBOURNE'S property market continues to return consistent figures, prompting experts to suggest it's time for buyers to come out of hibernation and invest.

This weekend's clearance rate was one per cent lower than last week. Picture: Herald Sun

The Real Estate Institute of Victoria said all results last week were inline with recent results and pointed to a stabilised market.

The weekend clearance rate sat at 62 per cent - dropping 1 per cent from the week before - with 528 properties auctioned.

The highest private sale last week saw a Newport St address return a whopping $7.1 million.

REIV spokesman Robert Larocca said the results were comparative to what the market had been reflecting this year.

"There was quite a significant fall in the stock market last week. While the property market has been flat this year at least it's stable and consistent.

"In some respects it's a positive because we get a good sense of what will happen.

"It serves as a reminder that a balanced portfolio needs to consist of property."

He said more than 650 properties were expected to go under the hammer each week for the next fortnight, before an expected lull during the Queen's Birthday long weekend from June 9 to 11.