By ALESHA CAPONE
SPOTSWOOD is the most sought-after suburb at Hobsons Bay real estate auctions, according to figures from the Real eEate Institute of Victoria.
Every week the REIV compiles a list of clearance rates for auctions held across Melbourne where there have been 20 or more auctions during 2012.
Up until 23 October this year Spotswood has been the only suburb within Hobsons Bay to record a clearance rate above the Melbourne-wide average.
Spotswood has registered a clearance rate of 68 per cent out of more than 30 auctions.
Altona was next with a clearance rate of 60 per cent out of 40 auctions and Williamstown with a clearance rate of 59 per cent from more than 180 auctions.
Newport recorded a clearance rate of 58 per cent out of almost 144 auctions and Altona North registered a rate of 46 per cent out of more than 50 auctions.
Close to Hobsons Bay, but within the municipality of Maribyrnong, Yarraville and Kingsville both hold a 56 per cent clearance rate at auction.
Real estate agents said auction demand for Spotswood properties could be attributed to the small pool of homes available compared to other suburbs, with more than 100 auctions.
Managing director and auctioneer of Century 21 Gunn & Co in Williamstown, Anthony Gunn and a director at Williams Real Estate in Williamstown, Micheal Harvey, both said Spotswood was popular with homebuyers.
Both men said demand for homes in South Kingsville, Newport and Spotswood was growing rapidly due to its proximity to the city and relative affordability.
“I’ve noticed demand for South Kingsville and Spotswood has grown even quicker, it has in fact doubled in the past eight to nine years,” Mr Gunn said.
Mr Harvey said investors were also keen to buy in the inner West due to a strong demand for rental homes.
