Hot times ahead for Melbourne propertyFrom: Herald Sun February...

Hot times ahead for Melbourne property

From: Herald Sun February 14, 2011 12:01AM

MELBOURNE'S property market is gearing up for a busy three weeks.

Real Estate Institute Victoria spokesman Robert Larocca said only 350 homes were up for sale over the weekend, with a clearance rate of 66 per cent.

Mr Larocca said Melbourne's property market was not flattening.

"It's a very typical result for the middle of February and there does seem to be more pressure on the private sales," he said.

"The long-term average clearance (percentage) rate is around the mid to high-60s, so the weekend was on average."

Mr Larocca said more than 2500 propertied would be up for auction over the next three weeks.

"There is a significant increase in the homes on auction and we will really know where the market is at over the next few weeks," he said.



"We expect the clearance rates to stay the same with two out of every three homes being sold."

The top-priced properties sold on Saturday were in Baldwin St, Armadale and Cooraminta St, Brunswick which both sold for $1.36 million.