Golden time for auctions

It is folk lore in Melbourne. The best time to sell as the end of year approaches is between two major events – the end of the Australian footy season and before the Melbourne Cup. And property punters have not disappointed.

The Real Estate Institute of Victoria reports that there were 1245 auctions listed for October 27. This was a 20% increase on this time last year and agents are reported saying there will be more auctions in the coming weeks, with activity particularly strong in the inner suburbs and by the bay.

There has also been a jump in Sydney auctions, which are up on this time last year. While these are happy times for agents, it could also mean the market is responding to the looming election, which is expected within the next six weeks and is likely to dampen property sales.

Meanwhile there are still no signs of when an election will be held.

Prime Minister John Howard is fast running out of time to get the Coalition better positioned before calling the election, with the Age/Nielsen poll out today showing Kevin Rudd on an unchanged 52% to 39% margin over Howard as preferred prime minister.

And Rudd is regarded as more trustworthy than Howard by 43% to 32%. People also think he has a better vision for Australia (48% to 38%).