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Auctions market finishes 2010 with a fizzle as experts predict more private sales in new year

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The last weekend of auctions for the year was a disappointing one, with clearance rates either remaining steady or falling in the major capitals as sellers take their properties off the market with the intentions of trying again next year.

But the Real Estate Institute of Victoria believes the state may see a lower amount of properties go under the hammer in 2011 as some sellers opt for private transactions instead.

“Our members don’t believe there will be as many properties on the market next year,” spokesman Robert Larocca told SmartCompany this morning. “Based on their knowledge of the market and what they are feeling, they don’t believe there will be as many.