RP Data market review, Melbourne: Week ending 20 October 2013

Victoria clearance ratesA clearance rate of 69.9 per cent from 981 auction results so far this week. This week’s clearance rate is broadly in line with year to date of 70 per cent, but below last weeks 74 per cent.

This is the first week below 70 per cent in a few months but the variance is not unusual and is not a sign of softening demand at this stage as other weeks have seen 3 to 4 point changes in the clearance rate.

In the private sale market the time on market for houses contracted moderately over the last week from 39 to 38 days whilst the vendor discount rose from – 6.0 to -6.4 per cent. Only Sydney, with 27 days and Canberra with 33 days are recording a lower average time on market for houses. Conditions in the unit market were stable with a time of market of 45 days and average vendor discount of 5.0 per cent having improved from -5.4 per cent over the previous week.

New listing activity dropped from a monthly rise of 7.1 per cent to 6.0 per cent this week.

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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