Property market warms with spring

SPRING has sprung and Victoria's property market is starting to blossom as auction clearance rates hold steady.

SPRING has sprung and Victoria's property market is starting to blossom.

With a clearance rate of 62 per cent recorded alongside yesterday's 470 auctions demand held steady against last weekend's 63 per cent margin and is well up on the 55 per cent noted at the same time last year.

Glimmers of a bright season to come were reported by Jellis Craig real estate agent Con Lazagos who yesterday sold a Mt Waverley home for $900,000, well over the $820,000 reserve, after spirited bidding from four parties.

''It certainly felt like the spring auctions are really beginning to move along,'' he said.

But it wasn't the case across the board, with National Property Buyers market analyst Katherine Cashmore attending several auctions yesterday and watching only one sell under the hammer.

She said the number of properties up for sale remained low and warned the market would only likely heat up after the AFL Grand Final.

Indicating a robust market would have in excess of 600 properties for sale, Ms Cashmore pointed to this week's low numbers as an indication only those who had to sell were putting their properties on the market.

''Vendors aren't willing to meet the market ... it's going to take a little bit more than consumer confidence to get the market to go up,'' Ms Cashmore said.

Robert Larocca, Real Estate Institute of Victoria spokesman, echoed her sentiment and said the market still had a ways to go before it tipped in favour of sellers.

''In many parts of Melbourne the market will still be finely balanced,'' Mr Larocca said.