Auctions power on, footy or not!

Credit:Barry Plant Bundoora

MELBOURNE'S auction market yesterday posted one of its strongest performances in months, despite the disruption caused by the grand final rematch.

The auction clearance rate hit 74 per cent, well above the average of about 69 per cent seen in August and September, according to the Real Estate Institute of Victoria.

The rise was fuelled in large part by a drop-off in the number of properties up for sale as vendors rushed to postpone auctions after last weekend's grand final draw. An unusually large number of properties were also snapped up before auction.

Almost 20 per cent of auctions originally set to take place yesterday were rescheduled over the next fortnight - 115 out of 585.

REIV spokesman Robert Larocca said vendors who decided to hold their auctions regardless of the grand final would feel relieved and vindicated. "It was an impressive result given all of the stress and concern this week for many vendors."

Yesterday's strong result - based on 426 auctions, with the results of another 82 still unknown - comes despite signs property values are easing across Melbourne. Analyst RP Data-Rismark reported last week that house values dropped 2 per cent in the three months to August.

Crowd numbers were strong at yesterday's auctions, only dropping off as the grand final started. The REIV estimates half a dozen auctions were held around the city after the 2.30 opening bounce, of which four sold.

Catherine Cashmore of JPP Buyer Advocates said: "If anything, it just spurred things on. There was a real feeling of excitement with lots of people coming out in grand final gear."

Credit:Barry Plant Bundoora