RP Data market review, Melbourne: Week ending 13 October 2013

Victoria clearance ratesSpring continues to deliver good outcomes for vendors with a clearance rate of 73.8 per cent from 883 auctions results so far this week and a 1.3 per cent increase in home values in the last month. This week’s clearance rate is a moderate rise on the 71.3 per cent last week and 70 per cent so far this year.

The market is clearly absorbing increased volumes in the auction market with little sign of diminished demand suggesting the record weekend at the end of October, when Melbourne will see 1,500 auctions, will deliver a result on trend.

The latest market information from RP Data shows the overall time on market for houses sold at private sale stable at 39 days. The strongest demand in the house market is being recorded around the $500,000 level in the outer east where Croydon Hills, Bayswater North, The Basin, Scoresby, Croydon South, Boronia and Bayswater record the quickest sales in Melbourne.

Robert Larocca
RP Data Victoria Housing Market Specialist

About Robert Larocca

Robert Larocca has built a profile over the past eight years as an expert on the Victorian residential property market. He worked for the REIV both directly and as a consultant over 8 years acting as a spokesperson, managing its research department and public policy. He has been a media and government relations consultant and spent a decade working across the three levels of government including as a Councillor and Mayor in the City of Moreland. He has well developed leadership skills in the not for profit sector and has been the Chairperson of CERES Community Environment Park for 9 years.

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