Auction ecstasy, agony

The Age

Monday December 14, 2009

MELBURNIANS flirted with trading a record $1 billion worth of real estate in the past week, coming in just shy of that figure but still hitting a record $963 million.But behind that landmark sum are all the underbidders who missed out at the weekend's 1057 auctions.Agents reported up to eight bidders at some auctions but, even with an average of four per auction, that is almost 3200 buyers in the inner 20-kilometre auction ring who will end the year without finding a new home.This year's big auction weekend had a clearance rate of 81 per cent and that strength, agents claim, will continue in 2010.But the boom seems to be stagnating turnover because many would-be sellers are opting to stay and renovate rather than trade up and face huge stamp duty costs.

© 2009 The Age

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