Dyman Real Estate: Melbourne real estate market picks up where it left off

Just over two-thirds of properties up for auction over the weekend sold, setting the scene for a hot market in the late summer and autumn.

The Real Estate Institute of Victoria recorded a 68 per cent clearance rate from 253 results. Research house RP Data recorded 68.8 per cent from 285 auctions.

RP Data spokesman Robert Larocca said the market was picking up where it left off last year but the low number of auctions meant it was too soon to judge where it was going.

''I would be surprised if there is any substantive change from last year. The fundamentals haven't changed,'' Mr Larocca said.

Commentary over the holiday break has focused on concern about the surging house prices in Sydney and Melbourne but the Reserve Bank of Australia kept rates on hold last week.

There are signs the market will remain as hot as it ended in December. The highest price in weekend auction results was for a house that was snapped up last week.

The four-bedroom clifftop property at 4 Ian Road, Mount Martha, had six registered bidders and a quoted price of more than $1.3 million, JP Dixon agent Val Garma said.

''One particular buyer threw in an offer that was way above the rest of the pack at $1.48 million, on a 30-day unconditional settlement,'' Mr Garma said. ''It was way too tempting for our vendors. Other offers had been around $1.3 million,'' he said.

Agent Greg Hocking said there was a ''new range of buyers'' in the market place impatient to see new stock. ''They've been saying to us, what's coming up? Where are the new properties?'' he said.

Mr Hocking said the weekend before the Labour Day long weekend in March was shaping up to be a super weekend.

It was full house at the Metung Hotel in East Gippsland where 1400 hopeful buyers competed for 86 properties and marina berths.

Agent John Castran said all properties sold, with multiple bidders for each. The mortgagee auction followed the collapse of developer Riviera Properties.

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